Guideline Value for West Main Road, Shankar Nagar

West Main Road, Shankar Nagar guideline value

The current guideline value of West Main Road, Shankar Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Commercial Class I Type - II.

How the guideline value of West Main Road, Shankar Nagar has changed

The guideline value for West Main Road, Shankar Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision. The most recent 2024 revision has raised the guideline value to Rs 2,750 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street. This lack of data indicates that the guideline value remained unchanged during those years until the significant revisions in 2017.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with 2024 guideline values ranging from Rs 880 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,090 per sq.ft, placing the guideline value of West Main Road, Shankar Nagar above this median.

• V.O.C Street, Thiruvalluvar Nagar: Rs 2,475 per sq.ft (2024)
• VOC Street / Muthamzhi Nagar: Rs 2,475 per sq.ft (2024)
• VOC Street / Mungil Lake: Rs 2,750 per sq.ft (2024)
• VOC Street / Ambedkar Nagar: Rs 2,750 per sq.ft (2024)
• VOC Nagar/Aravindan Street: Rs 2,750 per sq.ft (2024)
• V.O.C Nagar, 2nd Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in West Main Road, Shankar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty, charged at 7%, would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for stamp duty and registration fee would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers West Main Road, Shankar Nagar?

The Sub Registrar Office that covers West Main Road, Shankar Nagar is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value helps both parties understand the valuation of the property. It is important to be aware of the latest revisions to ensure compliance with the registration requirements and to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of West Main Road, Shankar Nagar?

The current guideline value of West Main Road, Shankar Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 64%. The most recent change from 2023 to 2024 was a 10% increase.

What is the land classification for West Main Road, Shankar Nagar?

West Main Road, Shankar Nagar is classified as Commercial Class I Type - II, which indicates its suitability for commercial activities.

What is the registration office for properties in Pammal?

The registration office for properties in Pammal is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is stamp duty calculated for properties in Pammal?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at the rate of 7%.