Guideline Value for Shastri Street / Mungil Lake

Shastri Street / Mungil Lake guideline value

The current guideline value of Shastri Street / Mungil Lake is Rs 1,980 per sq.ft, effective from 1 July 2024. This street is located in Pammal village and falls under the Pammal SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Shastri Street / Mungil Lake has changed

The guideline value for Shastri Street / Mungil Lake has undergone several revisions since 2002. The value started at Rs 188 per sq.ft in 2002, which increased to Rs 213 per sq.ft in 2003, marking a change of 13%. In 2007, the value rose significantly to Rs 360 per sq.ft, reflecting a 69% increase from the previous revision. The next revision in 2024 set the guideline value at Rs 1,980 per sq.ft, representing a substantial increase of 450% from 2007. Overall, from 2002 to 2024, the guideline value has increased by 953%.

It is important to note that the register has no figures for the years 2012, 2017, and 2023 for this street.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO with a 2024 guideline value ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, placing the 2024 guideline value of Shastri Street / Mungil Lake below this median.

• Shivaji Street / VOC Nagar: Rs 2,750 per sq.ft (2024)
• Shivasanakaran Cross Street / LIC Colony: Rs 2,530 per sq.ft (2024)
• Shivasanakaran Street /Thiru Nagar: Rs 1,980 per sq.ft (2024)
• Shivasanakaran Street/Thiruvalluvar Nagar: Rs 2,475 per sq.ft (2024)
• Shongvel Street / Thandai Periyar Nagar: Rs 1,980 per sq.ft (2024)
• Shankar Nagar /MainRoad: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Shastri Street / Mungil Lake

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, making the total fees Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Shastri Street / Mungil Lake?

The Sub Registrar Office that covers Shastri Street / Mungil Lake is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration process of property transactions in Pammal. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling a property, it is essential to consider the guideline value as it can affect the overall costs involved in the transaction. Buyers should be aware that the stamp duty is applied on the higher of the guideline value or the sale price, which can impact their financial planning.

Frequently asked questions

What is the current guideline value of Shastri Street / Mungil Lake?

The current guideline value of Shastri Street / Mungil Lake is Rs 1,980 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 188 per sq.ft to Rs 1,980 per sq.ft in 2024, marking an overall increase of 953%.

What is the land classification for Shastri Street / Mungil Lake?

The land classification for Shastri Street / Mungil Lake is Residential Class II Type - II.

Where can I find the Pammal Sub Registrar Office?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How is the stamp duty calculated for properties in Shastri Street / Mungil Lake?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% applies to the guideline value.