Guideline Value for Shivaji Nagar 7th Street

Shivaji Nagar 7th Street guideline value

The current guideline value of Shivaji Nagar 7th Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village under the Royapuram SRO, classified as Residential Class II Type - I.

How the guideline value of Shivaji Nagar 7th Street has changed

The guideline value of Shivaji Nagar 7th Street has seen several revisions over the years. In 2007, the value was Rs 600 per sq.ft, which increased to Rs 1,200 per sq.ft in 2012, marking a 100% rise. However, it then decreased to Rs 804 per sq.ft in the 2017 revision, a drop of 33%. The most recent revision in 2024 set the value at Rs 1,300 per sq.ft, reflecting a significant increase of 62% from 2017.

There are no figures available for the years 2002, 2003, and 2023 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 117%.

Guideline values in Tondaiarpet

In Tondaiarpet village, there are 1,384 streets under the Royapuram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing the 2024 value of Shivaji Nagar 7th Street below this median.

• Shivaji Nagar 6th Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar 8 th Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar 5th Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar 9th Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar 4th Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar Main Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Shivaji Nagar 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total fees together to Rs 1,17,000. It is important to note that the 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 Shivaji Nagar 7th Street?

The Sub Registrar Office that covers Shivaji Nagar 7th Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Tondaiarpet. It serves as a benchmark for determining the stamp duty and registration fees payable when a property is bought or sold. Buyers and sellers should be aware that the guideline value is used to calculate the applicable charges during registration.

When registering a property, the guideline value ensures that the transaction is documented at a fair value, which helps in maintaining transparency in real estate dealings. It is crucial for both parties to understand the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Shivaji Nagar 7th Street?

The current guideline value of Shivaji Nagar 7th Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, marking an overall increase of 117%.

What is the land classification for Shivaji Nagar 7th Street?

Shivaji Nagar 7th Street is classified as Residential Class II Type - I.

Which Sub Registrar Office covers this street?

The Royapuram Sub Registrar Office covers Shivaji Nagar 7th Street, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 13,00,000 would incur a stamp duty of Rs 91,000 at 7%.