Guideline Value for Shunmugam Nagar

Shunmugam Nagar guideline value

The current guideline value of Shunmugam Nagar is Rs 1,000 per sq.ft. This area is located in Gooduvancheri village, under the Gooduvancheri SRO, and is classified as Residential Class III Type - I.

How the guideline value of Shunmugam Nagar has changed

The guideline value for Shunmugam Nagar has remained stable at Rs 1,000 per sq.ft since the 2023 revision, which also recorded the same figure. Prior to that, in the 2017 revision, the guideline value was Rs 670 per sq.ft, marking a significant increase of 49% from 2017 to 2023.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. Overall, from the 2017 revision to the current 2024 revision, the guideline value has increased by 49%.

Guideline values in Gooduvancheri

In Gooduvancheri, there are 129 streets under the Gooduvancheri SRO that have a 2024 guideline value ranging from Rs 1,000 to Rs 3,500 per sq.ft, with a median value of Rs 1,500 per sq.ft. Shunmugam Nagar's current guideline value is below this median.

• Shunmugam Nagar Phase I: Rs 1,200 per sq.ft (2024)
• Shyam Nagar: Rs 1,200 per sq.ft (2024)
• Singaram Nagar: Rs 1,200 per sq.ft (2024)
• Sirpi Nagar (part - I): Rs 1,500 per sq.ft (2024)
• Sirpi Nagar (Part - II): Rs 1,500 per sq.ft (2024)
• Shankar Ganesh Nagar: Rs 1,500 per sq.ft (2024)

Stamp duty and registration fee for property in Shunmugam Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,000 per sq.ft, the guideline value is Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, totaling Rs 90,000. 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 Shunmugam Nagar?

The Sub Registrar Office that covers Shunmugam Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Gooduvancheri. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value helps in establishing a baseline for negotiations and provides transparency in the registration process. It is essential for both buyers and sellers to be aware of the current guideline value to understand their financial obligations during a property transaction.

Frequently asked questions

What is the current guideline value of Shunmugam Nagar?

The current guideline value of Shunmugam Nagar is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 1,000 per sq.ft since 2023, with a significant increase from Rs 670 per sq.ft in 2017, which is a 49% rise overall from 2017 to 2024.

What is the land classification for Shunmugam Nagar?

Shunmugam Nagar is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Shunmugam Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 10,00,000, the stamp duty would be Rs 70,000 at a rate of 7%.