Guideline Value for Shivaji Nagar 2nd Street

Shivaji Nagar 2nd Street guideline value

The current guideline value of Shivaji Nagar 2nd Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village, under the jurisdiction of the Royapuram SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Shivaji Nagar 2nd Street has changed

The guideline value for Shivaji Nagar 2nd Street has undergone several revisions over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in 2012, marking a 100% rise. However, in 2017, the value decreased to Rs 804 per sq.ft, reflecting a decline of 33%. The value then rose sharply to Rs 1,200 per sq.ft in 2023, before reaching the current rate of Rs 1,300 per sq.ft in 2024, an increase of 8%.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 117%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Tondaiarpet

In Tondaiarpet, 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, with a median value of Rs 1,600 per sq.ft. The guideline value for Shivaji Nagar 2nd Street is below this median.

• Shivaji Nagar 1st Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar 3rd Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar 11th Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar 4th Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar 10th Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar 5th Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Shivaji Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, making the total cost for these fees Rs 1,17,000. 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 Shivaji Nagar 2nd Street?

The Sub Registrar Office covering Shivaji Nagar 2nd 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 details.

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

When buying or selling property in Tondaiarpet, the guideline value is a crucial factor used during the registration process. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value determined by the state.

The guideline value helps maintain transparency in property transactions, as it reflects the government's assessment of land values in the area. Buyers and sellers must consider this value to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Shivaji Nagar 2nd Street?

The current guideline value of Shivaji Nagar 2nd 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 seen several changes, starting from Rs 600 per sq.ft in 2007, increasing to Rs 1,200 in 2012, dropping to Rs 804 in 2017, then rising to Rs 1,200 in 2023, and finally reaching Rs 1,300 in 2024.

What is the land classification for Shivaji Nagar 2nd Street?

The land classification for Shivaji Nagar 2nd Street is Residential Class II Type - I, indicating its use for residential purposes.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Shivaji Nagar 2nd Street is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

How is stamp duty calculated for properties in Shivaji Nagar 2nd Street?

Stamp duty for properties in Shivaji Nagar 2nd Street is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 13,00,000 would incur a stamp duty of Rs 91,000 at 7%.