Guideline Value for Siva Shanmugam Street

Siva Shanmugam Street guideline value

The current guideline value of Siva Shanmugam Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Perungalathur village, under the Padappai SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Siva Shanmugam Street has changed

The guideline value for Siva Shanmugam Street has seen several revisions over the years. In 2007, the value was Rs 300 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017. The 2023 revision set the value at Rs 1,500 per sq.ft, and the latest revision in 2024 increased it to Rs 1,650 per sq.ft.

From 2007 to 2012, there was a remarkable increase of 400%, followed by a decrease of 33% from 2012 to 2017. The value then rose by 49% from 2017 to 2023, and finally, it increased by 10% from 2023 to 2024. Overall, the guideline value has increased by 450% from 2007 to 2024. The register has no figures for the years 2002 and 2003.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO, with guideline values ranging from Rs 1,320 to Rs 5,500 per sq.ft. The median value is Rs 2,310 per sq.ft, placing Siva Shanmugam Street's 2024 figure below that median.

• Siva Shankar Nagar: Rs 2,970 per sq.ft (2024)
• Sivasakthi Street: Rs 2,310 per sq.ft (2024)
• Siva Sakthi Nagar: Rs 2,310 per sq.ft (2024)
• Sivaraj Street: Rs 1,650 per sq.ft (2024)
• Sorkkam Nagar: Rs 2,640 per sq.ft (2024)
• Spr Kamakshi Avenue: Rs 3,960 per sq.ft (2024)

Stamp duty and registration fee for property in Siva Shanmugam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total fees Rs 1,48,500. 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 Siva Shanmugam Street?

The Sub Registrar Office covering Siva Shanmugam Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is an essential aspect of property transactions in Perungalathur, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is crucial to ensure that the sale price meets or exceeds the guideline value to avoid any legal complications. The guideline value serves as a benchmark for the transaction, ensuring transparency in the property market.

Frequently asked questions

What is the current guideline value of Siva Shanmugam Street?

The current guideline value of Siva Shanmugam Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, with notable increases and decreases in between.

What is the land classification for Siva Shanmugam Street?

The land classification for Siva Shanmugam Street is Residential Class IV Type - II.

Where can I find the Sub Registrar Office for Siva Shanmugam Street?

The Sub Registrar Office for Siva Shanmugam Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How are stamp duties calculated for properties in this area?

Stamp duties are calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 16,50,000 would incur a stamp duty of Rs 1,15,500 at 7%.