Guideline Value for Sri Shanmuga Nagar

Sri Shanmuga Nagar guideline value

The current guideline value of Sri Shanmuga Nagar is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Sholavaram village, under the Redhills SRO, and is classified as Residential Class III Type - I.

How the guideline value of Sri Shanmuga Nagar has changed

The guideline value for Sri Shanmuga Nagar has undergone several revisions over the years. Starting from Rs 45 per sq.ft in 2003, it increased to Rs 200 per sq.ft in 2007, followed by a rise to Rs 500 per sq.ft in 2012. However, the value decreased to Rs 335 per sq.ft in 2017. The most recent revisions saw an increase to Rs 500 per sq.ft in 2023 and then to Rs 550 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1122%. Notably, there is no figure available for the year 2002 in the register for this street.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 515 to Rs 3,500 per sq.ft, with a median value of Rs 660 per sq.ft. The guideline value for Sri Shanmuga Nagar is below this median.

• Sri Sai Ram Nagar: Rs 1,650 per sq.ft (2024)
• Sri Venkatesa Nagar: Rs 660 per sq.ft (2024)
• Sri Sai Baba nagar: Rs 550 per sq.ft (2024)
• Sri Vinayaga Avenue: Rs 550 per sq.ft (2024)
• Sri Ragavendra Modern Town: Rs 660 per sq.ft (2024)
• Srinivasa Nagar Annex: Rs 550 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 rate of Rs 550 per sq.ft, the guideline value would be Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. 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 Sri Shanmuga Nagar?

The Sub Registrar Office that covers Sri Shanmuga Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Sholavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government collects the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers should be aware that the guideline value may differ from the actual sale price, and the stamp duty is charged on the higher of the two.

Frequently asked questions

What is the current guideline value of Sri Shanmuga Nagar?

The current guideline value of Sri Shanmuga Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 45 per sq.ft in 2003 to Rs 550 per sq.ft in 2024, marking a significant increase over the years.

What is the stamp duty rate for properties in Sri Shanmuga Nagar?

The stamp duty rate for properties in Sri Shanmuga Nagar is 7% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Sri Shanmuga Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification of Sri Shanmuga Nagar?

Sri Shanmuga Nagar is classified as Residential Class III Type - I.