Guideline Value for Shivaji Nagar Main Street

Shivaji Nagar Main Street guideline value

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

How the guideline value of Shivaji Nagar Main Street has changed

The guideline value for Shivaji Nagar Main Street has seen several revisions over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased to Rs 804 per sq.ft in 2017. Following this, the value rose significantly to Rs 1,200 per sq.ft in 2023, marking a 49% increase from the previous revision. The latest revision in 2024 has further increased the value to Rs 1,300 per sq.ft, reflecting an 8% rise from 2023.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2012 for this street. Overall, from 2007 to 2024, the guideline value has increased by 117%.

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. The median value for these streets is Rs 1,600 per sq.ft, indicating that the guideline value for Shivaji Nagar Main Street is below this median.

• Shivaji Nagar 9th Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar 8 th Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar 7th Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar 6th Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar 5th Street: Rs 1,300 per sq.ft (2024)
• Shivaji Nagar 4th Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Shivaji Nagar Main 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 to 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shivaji Nagar Main Street?

The Sub Registrar Office that covers Shivaji Nagar Main 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 plays a crucial role in the registration process when buying or selling property in Tondaiarpet. It is used to calculate the stamp duty and registration fees that are required to be paid at the time of registration.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property transactions. Buyers and sellers should be aware of the current guideline values to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Shivaji Nagar Main Street?

The current guideline value of Shivaji Nagar Main 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 increased from Rs 600 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, marking an overall increase of 117% over the years.

What are the other streets in Tondaiarpet with the same guideline value?

Other streets in Tondaiarpet with the same guideline value of Rs 1,300 per sq.ft in 2024 include Shivaji Nagar 9th Street, Shivaji Nagar 8th Street, Shivaji Nagar 7th Street, Shivaji Nagar 6th Street, Shivaji Nagar 5th Street, and Shivaji Nagar 4th Street.

Where can I find the Sub Registrar Office for Shivaji Nagar Main Street?

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

How is the stamp duty calculated for property transactions?

The stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at a rate of 7%.