Guideline Value for Sri Shunmuga Nagar Part I, II

Sri Shunmuga Nagar Part I, II guideline value

The current guideline value for Sri Shunmuga Nagar Part I, II is Rs 1,320 per sq.ft, effective from 1 July 2024. This area falls under Mannivakkam village, governed by the Gooduvancheri SRO, and is classified as Residential Special Type - III.

How the guideline value of Sri Shunmuga Nagar Part I, II has changed

The guideline value for Sri Shunmuga Nagar has seen several revisions over the years. The earliest recorded value was Rs 250 per sq.ft in 2007, which significantly increased to Rs 1,200 per sq.ft in 2012. However, this figure then decreased to Rs 804 per sq.ft in 2017. Following this, the value rose sharply to Rs 1,200 per sq.ft in 2023, and then to Rs 1,320 per sq.ft in 2024, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. The value from 2012 to 2017 saw a decrease of 33%, while the jump from 2007 to 2012 was a staggering 380%. Overall, from 2007 to 2024, the guideline value has risen by 428%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Mannivakkam

In Mannivakkam, there are 118 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 330 to Rs 4,300 per sq.ft, with a median value of Rs 1,215 per sq.ft. The guideline value for Sri Shunmuga Nagar is above this median.

• Sri Shunmuga Nagar: Rs 1,320 per sq.ft (2024)
• Sri Shumuga Nagar 1st Main Road: Rs 1,320 per sq.ft (2024)
• Sri Shanmuga Nagar Extn: Rs 1,320 per sq.ft (2024)
• Sri Sathya Narayana Nagar: Rs 990 per sq.ft (2024)
• Sri Varadaman Nagar: Rs 1,320 per sq.ft (2024)
• Sri Venkateshwarar Nagar: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Shunmuga Nagar Part I, II

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Shunmuga Nagar Part I, II?

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

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

The guideline value is a crucial factor in property transactions in Mannivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. When you buy or sell property, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the guideline value ensures that the property is not undervalued, thereby helping to maintain transparency in real estate transactions. This value is essential for both buyers and sellers to understand their financial obligations during the property transfer process.

Frequently asked questions

What is the current guideline value for Sri Shunmuga Nagar Part I, II?

The current guideline value for Sri Shunmuga Nagar Part I, II is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 428% over the years.

What are the stamp duty and registration fees for a property in Sri Shunmuga Nagar?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Which Sub Registrar Office covers this area?

The Gooduvancheri Sub Registrar Office covers Sri Shunmuga Nagar Part I, II, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone.

What is the land classification for Sri Shunmuga Nagar Part I, II?

Sri Shunmuga Nagar Part I, II is classified as Residential Special Type - III, indicating its suitability for residential development.