Guideline Value for Shasthri Street

Shasthri Street guideline value

The current guideline value of Shasthri Street in Padiyanallur village is Rs 770 per sq.ft, effective from 1 July 2024. This area falls under the Redhills SRO and is classified as Residential Class I Type - I.

How the guideline value of Shasthri Street has changed

The guideline value for Shasthri Street has seen significant changes over the years. In the 2003 revision, the value was Rs 116 per sq.ft, which increased to Rs 400 per sq.ft in 2007. Following this, the value rose to Rs 700 per sq.ft in 2012, before dropping to Rs 469 per sq.ft in 2017. The 2023 revision set the value at Rs 700 per sq.ft, which then increased by 10% to Rs 770 per sq.ft in 2024.

Overall, from 2003 to 2024, the guideline value has increased by 564%. The changes between the revisions include a 245% increase from 2003 to 2007, a 75% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, and a 49% increase from 2017 to 2023. The register has no figure for Shasthri Street in 2002.

Guideline values in Padiyanallur

Padiyanallur village has a total of 132 streets under the Redhills SRO, with the 2024 guideline values ranging from Rs 385 to Rs 2,750 per sq.ft. The median value is Rs 770 per sq.ft, which is the same as the current guideline value for Shasthri Street.

• Shenbagaraman Street: Rs 770 per sq.ft (2024)
• Sivakami Ammayar Street: Rs 770 per sq.ft (2024)
• Sathiyavani Muthu Street: Rs 660 per sq.ft (2024)
• Sastri Street (Bhavani Nagar): Rs 770 per sq.ft (2024)
• Sri Elumalai Nagar: Rs 770 per sq.ft (2024)
• Santhi Nagar: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Shasthri Street

For a 1,000 sq.ft plot at the current rate of Rs 770 per sq.ft, the guideline value amounts to Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, totaling Rs 69,300. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shasthri Street?

The Shasthri Street falls under the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your SRO, visit find your SRO.

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

The guideline value plays a crucial role in property transactions as it determines the minimum value at which a property can be registered. When buying or selling property in Padiyanallur, the guideline value is used to calculate the stamp duty and registration fees, which are essential for the legal transfer of property ownership.

It is important for buyers and sellers to be aware of the current guideline value, as it can affect the overall cost of the transaction. Ensuring that the property is registered at or above the guideline value helps in maintaining transparency and legality in property dealings.

Frequently asked questions

What is the current guideline value of Shasthri Street?

The current guideline value of Shasthri Street is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 116 per sq.ft in 2003 to Rs 770 per sq.ft in 2024, reflecting an overall increase of 564% over this period.

What is the classification of land on Shasthri Street?

Shasthri Street is classified as Residential Class I Type - I under the current guidelines.

Where can I find the Redhills Sub Registrar Office?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in Shasthri Street?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 7,70,000, the stamp duty would be Rs 53,900 at 7%.