Guideline Value for Shenoy Road

Shenoy Road guideline value

The current guideline value of Shenoy Road in Nungambakkam village is Rs 8,800 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint II SRO and is classified as Residential Special Type - II.

How the guideline value of Shenoy Road has changed

The guideline value for Shenoy Road has seen several revisions over the years. In 2007, the value was Rs 3,000 per sq.ft, which increased significantly to Rs 8,000 per sq.ft in 2012, marking a 167% rise. However, the value decreased to Rs 5,360 per sq.ft in 2017, a drop of 33%. The subsequent revision in 2023 brought the value back up to Rs 8,000 per sq.ft, and the latest revision in 2024 set it at Rs 8,800 per sq.ft, reflecting a 10% increase.

There are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 193%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a guideline value for 2024, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value is Rs 8,800 per sq.ft, which is equal to the 2024 figure for Shenoy Road.

• Shafi Mohammed Street: Rs 9,900 per sq.ft (2024)
• Sivaganga Road: Rs 9,300 per sq.ft (2024)
• Selvam Nagar: Rs 7,700 per sq.ft (2024)
• Seetha Nagar Main Road: Rs 8,800 per sq.ft (2024)
• Seetha Nagar 4th Street: Rs 6,600 per sq.ft (2024)
• Seetha Nagar 3rd Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Shenoy Road

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total cost for these fees to Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Shenoy Road?

The Sub Registrar Office that covers Shenoy Road is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately with the appropriate fees calculated based on the established rates. This process helps maintain transparency and standardization in real estate transactions.

Frequently asked questions

What is the current guideline value of Shenoy Road?

The current guideline value of Shenoy Road is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, showing an overall increase of 193% over the years.

What are the other streets in Nungambakkam with guideline values?

Other streets in Nungambakkam include Shafi Mohammed Street at Rs 9,900 per sq.ft, Sivaganga Road at Rs 9,300 per sq.ft, and Selvam Nagar at Rs 7,700 per sq.ft, among others.

How is stamp duty calculated for properties on Shenoy Road?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a stamp duty of Rs 6,16,000.

Where can I find the Sub Registrar Office for Shenoy Road?

The Sub Registrar Office for Shenoy Road is located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.