Guideline Value for Shongvel Street / Thandai Periyar Nagar

Shongvel Street / Thandai Periyar Nagar guideline value

The current guideline value of Shongvel Street / Thandai Periyar Nagar is Rs 1,980 per sq.ft, effective from 1 July 2024. This street is located in Pammal village and falls under the Pammal SRO, with a land classification of Residential Class II Type - II.

How the guideline value of Shongvel Street / Thandai Periyar Nagar has changed

The guideline value for Shongvel Street / Thandai Periyar Nagar has seen significant changes over the years. In 2002, the value was Rs 230 per sq.ft, which increased to Rs 260 per sq.ft in 2003, marking a 13% rise. By 2007, the value had further increased to Rs 360 per sq.ft, reflecting a 38% change from the previous revision. However, there are no figures available for the years 2012 and 2017.

In the 2023 revision, the guideline value was set at Rs 1,800 per sq.ft, which was a substantial increase of 400% from the 2007 value. The most recent 2024 revision has raised the guideline value to Rs 1,980 per sq.ft, representing a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 761%.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with guideline values ranging from Rs 880 to Rs 3,300 per sq.ft as of 2024. The median guideline value for these streets is Rs 2,090 per sq.ft, placing Shongvel Street / Thandai Periyar Nagar below this median.

• Shivasanakaran Street/Thiruvalluvar Nagar: Rs 2,475 per sq.ft (2024)
• Shivasanakaran Street /Thiru Nagar: Rs 1,980 per sq.ft (2024)
• Shivasanakaran Cross Street / LIC Colony: Rs 2,530 per sq.ft (2024)
• Shivaji Street / VOC Nagar: Rs 2,750 per sq.ft (2024)
• Shastri Street / Mungil Lake: Rs 1,980 per sq.ft (2024)
• Sigamani Street / Ganapathy Nagar: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Shongvel Street / Thandai Periyar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total to Rs 1,78,200. It is important to note that 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 Shongvel Street / Thandai Periyar Nagar?

The Sub Registrar Office that covers Shongvel Street / Thandai Periyar Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration of property transactions in Pammal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. This value is essential for calculating the taxes and fees associated with the transaction, providing transparency in property dealings.

Frequently asked questions

What is the current guideline value of Shongvel Street / Thandai Periyar Nagar?

The current guideline value of Shongvel Street / Thandai Periyar Nagar is Rs 1,980 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 230 per sq.ft in 2002 to Rs 1,980 per sq.ft in 2024, which is an overall increase of 761%.

What is the land classification for Shongvel Street / Thandai Periyar Nagar?

Shongvel Street / Thandai Periyar Nagar is classified as Residential Class II Type - II.

How does the guideline value compare to other streets in Pammal?

In Pammal, the guideline values for other streets range from Rs 880 to Rs 3,300 per sq.ft, with a median value of Rs 2,090 per sq.ft. Shongvel Street / Thandai Periyar Nagar's guideline value is below this median.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 19,80,000, the stamp duty would be Rs 1,38,600 and the registration fee would be Rs 39,600, totaling Rs 1,78,200. Duty is charged on the higher of the guideline value or the sale price.