Guideline Value for Sri Shunmuga Nagar

Sri Shunmuga Nagar guideline value

The current guideline value of Sri Shunmuga Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Mannivakkam village, under the Gooduvancheri SRO, and is classified as Residential Special Type - III.

How the guideline value of Sri Shunmuga Nagar has changed

The guideline value for Sri Shunmuga Nagar has undergone several revisions over the years. In 2007, it was Rs 675 per sq.ft, which increased to Rs 1,200 per sq.ft in 2012. However, it saw a significant decrease to Rs 804 per sq.ft in 2017. The value then rose to Rs 1,200 per sq.ft in 2023, before reaching the current rate of Rs 1,320 per sq.ft in the 2024 revision. The register has no figures for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, it rose by 10%. The overall change from 2007 to 2024 is an increase of 96%. The fluctuations in the guideline value highlight the dynamic nature of property valuation in this area.

Guideline values in Mannivakkam

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

• Sri Shumuga Nagar 1st Main Road: Rs 1,320 per sq.ft (2024)
• Sri Shunmuga Nagar Part I, II: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Shunmuga Nagar?

The Sub Registrar Office that covers Sri Shunmuga 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 details.

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, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that both parties adhere to the legal requirements set by the Registration Department.

It is essential for buyers and sellers to be aware of the current guideline value to ensure that they are paying the correct fees during the registration process. This helps in maintaining transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Sri Shunmuga Nagar?

The current guideline value of Sri Shunmuga Nagar 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 675 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 96% over this period.

What are the stamp duty and registration fees for properties in this area?

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 office should I visit for registration in Sri Shunmuga Nagar?

The Gooduvancheri Sub Registrar Office is responsible for registrations in Sri Shunmuga Nagar, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri - 603202.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value for properties, which affects the stamp duty and registration fees payable during the transaction. It ensures compliance with legal requirements and transparency in property dealings.