Guideline Value for Sharangapani Street

Sharangapani Street guideline value

The current guideline value of Sharangapani Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class II Type - I.

How the guideline value of Sharangapani Street has changed

The guideline value for Sharangapani Street has undergone several revisions over the years. In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. This value remained unchanged in the 2017 revision, where it was reduced to Rs 804 per sq.ft, marking a decrease of 33%. The 2023 revision saw a significant increase to Rs 1,200 per sq.ft, followed by another increase to Rs 1,320 per sq.ft in the 2024 revision, which is a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, indicating that the guideline value of Sharangapani Street is below this median.

• Sharmila St: Rs 3,850 per sq.ft (2024)
• Shaw Wallas avenue: Rs 2,750 per sq.ft (2024)
• Shaw Wallas Colony: Rs 2,750 per sq.ft (2024)
• Shanthi Avenue 2nd Street: Rs 3,300 per sq.ft (2024)
• Shanthi Avenue 1st Street: Rs 1,650 per sq.ft (2024)
• Shanthi Avenue: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sharangapani Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total cost together to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sharangapani Street?

The Sub Registrar Office that covers Sharangapani Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Chitlapakkam

The guideline value plays a crucial role in the registration process when buying or selling property in Chitlapakkam. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for both buyers and sellers, as it ensures that the property is registered at a value that is recognized by the government. This helps in maintaining transparency and legality in property transactions.

Frequently asked questions

What is the current guideline value of Sharangapani Street?

The current guideline value of Sharangapani Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the land classification of Sharangapani Street?

Sharangapani Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Sharangapani Street?

The Sub Registrar Office for Sharangapani Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for property in Sharangapani Street?

The stamp duty for property in Sharangapani Street is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total guideline value would be Rs 13,20,000, resulting in a stamp duty of Rs 92,400.