Guideline Value for Shibin City

Shibin City guideline value

The current guideline value of Shibin City, located in Kaspapuram village under the Tambaram Joint 1 SRO, is Rs 1,100 per sq.ft. This value is effective from 1 July 2024 and falls under the land classification of Residential Special Type - IV.

How the guideline value of Shibin City has changed

The guideline value for Shibin City has seen several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which was then reduced to Rs 670 per sq.ft in the 2017 revision. The following revision in 2023 increased the value back to Rs 1,000 per sq.ft, and the most recent revision in 2024 raised it to Rs 1,100 per sq.ft.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%. The jump from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from the 2012 revision to the 2024 revision.

Guideline values in Kaspapuram

Kaspapuram village has 76 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 440 to Rs 4,300 per sq.ft. The median value is Rs 1,100 per sq.ft, which is equal to the current guideline value of Shibin City.

• Sri Balaji Nagar: Rs 1,100 per sq.ft (2024)
• Sakunthala Third Cross Street: Rs 550 per sq.ft (2024)
• Sakunthala Second Cross Street: Rs 550 per sq.ft (2024)
• Sakunthala First Cross Street: Rs 550 per sq.ft (2024)
• Sairak Nagar: Rs 1,100 per sq.ft (2024)
• Sai Balaji Nagar: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Shibin City

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total charges to Rs 99,000. 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 more detailed calculations.

Which Sub Registrar Office covers Shibin City?

The Sub Registrar Office that covers Shibin City 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 Kaspapuram

The guideline value plays a crucial role during the registration of property transactions in Kaspapuram. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that these costs are based on the official valuation of the property.

When buying or selling property, the guideline value helps both parties understand the official worth of the property. This ensures transparency in the transaction process and provides a standardized basis for calculating fees associated with property registration.

Frequently asked questions

What is the current guideline value of Shibin City?

The current guideline value of Shibin City is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Shibin City?

Shibin City is classified as Residential Special Type - IV, which indicates its intended use for residential purposes.

What are the stamp duty and registration fees for property in Shibin City?

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

Where can I find the Sub Registrar Office for Shibin City?

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