Guideline Value for MODEL HOUSE ROAD

Model House Road guideline value

The current guideline value of Model House Road is Rs 5,500 per sq.ft, effective from 1 July 2024. This road is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Residential Class III Type - II.

How the guideline value of Model House Road has changed

The guideline value for Model House Road has seen significant changes over the years. In 2002, the value was Rs 1,516 per sq.ft. This increased to Rs 1,683 per sq.ft in 2003, marking an increase of 11%. The value continued to rise, reaching Rs 2,000 per sq.ft in 2007, which was a 19% increase from the previous year. However, it then saw a substantial jump to Rs 5,000 per sq.ft in 2012, reflecting a 150% increase.

In 2017, the guideline value decreased to Rs 3,350 per sq.ft, a decline of 33%. The value then rose again to Rs 5,000 per sq.ft in 2023, and finally, the most recent revision in 2024 set the value at Rs 5,500 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 263%.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO, with guideline values for 2024 ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median value is Rs 11,000 per sq.ft, placing Model House Road's current guideline value below this median.

• Moopparappan Street: Rs 7,700 per sq.ft (2024)
• Moosa Sait Street: Rs 11,000 per sq.ft (2024)
• Motilal Street: Rs 14,300 per sq.ft (2024)
• Murugan Street: Rs 13,200 per sq.ft (2024)
• Murugesan Street: Rs 11,000 per sq.ft (2024)
• Muthukrishnan Street: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Model House Road

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Model House Road?

The Sub Registrar Office that covers Model House Road is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. To find your specific SRO, you can visit this link.

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

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

When buying or selling property, it is crucial to be aware of the guideline value, as it can influence negotiations and the final sale price. Buyers should ensure that the sale price is at least equal to the guideline value to avoid any issues during the registration process.

Frequently asked questions

What is the current guideline value of Model House Road?

The current guideline value of Model House Road is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,516 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 263% over this period.

What is the land classification for Model House Road?

Model House Road is classified as Residential Class III Type - II, which indicates its zoning for residential purposes.

Where can I find the registration office for Model House Road?

The registration office covering Model House Road is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

How is stamp duty calculated for properties in Tnagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at a rate of 7%.