Guideline Value for Sri Shanmuga Nagar

Sri Shanmuga Nagar guideline value

The current guideline value of Sri Shanmuga Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024. This area is located in Madambakkam village and falls under the Gooduvancheri SRO. The land classification for this street is Commercial Special Type - I.

How the guideline value of Sri Shanmuga Nagar has changed

The guideline value for Sri Shanmuga Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 340 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in the 2012 revision. However, the 2017 revision saw a decrease to Rs 804 per sq.ft. The value remained at Rs 1,200 per sq.ft in both the 2023 and 2024 revisions, indicating no change from 2023 to 2024, but an overall increase of 49% from 2017 to 2023.

There are no figures available for the years 2002 and 2003 in the register for this street. The overall change from the 2007 revision to the 2024 revision reflects a substantial increase of 253%.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,000 per sq.ft. The median value is Rs 1,200 per sq.ft, which aligns with the current guideline value of Sri Shanmuga Nagar.

• Sri Vigneshwara Nagar: Rs 1,200 per sq.ft (2024)
• Sri Sai Nagar: Rs 1,200 per sq.ft (2024)
• Sri Ram Nagar: Rs 1,201 per sq.ft (2024)
• SRI Ramanar Nagar: Rs 1,201 per sq.ft (2024)
• Sri Ragavendra Nagar Extn-II to VIII: Rs 1,200 per sq.ft (2024)
• Sri Ragavendra Nagar: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Shanmuga Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, leading to a total of Rs 1,08,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Shanmuga Nagar?

The Sub Registrar Office that covers Sri Shanmuga 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 Madambakkam

The guideline value is an essential factor in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate revenue from stamp duty and registration fees.

Frequently asked questions

What is the current guideline value of Sri Shanmuga Nagar?

The current guideline value of Sri Shanmuga Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revisions in 2023 and 2024 both maintaining the value at Rs 1,200 per sq.ft. The value increased from Rs 804 per sq.ft in 2017 to Rs 1,200 per sq.ft in 2023.

What is the stamp duty for buying property in Sri Shanmuga Nagar?

The stamp duty for buying property in Sri Shanmuga Nagar is 7% of the guideline value. For example, for a property valued at Rs 12,00,000, the stamp duty would be Rs 84,000.

Where can I find the Sub Registrar Office for Sri Shanmuga Nagar?

The Sub Registrar Office for Sri Shanmuga Nagar is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

What is the land classification for Sri Shanmuga Nagar?

The land classification for Sri Shanmuga Nagar is Commercial Special Type - I, which indicates the type of development permissible in the area.