Guideline Value for Puratchi Thalaivar Nagar

Puratchi Thalaivar Nagar guideline value

The current guideline value of Puratchi Thalaivar Nagar is Rs 1,400 per sq.ft, effective from 1 July 2024. This area is located in Ernavur village, under the jurisdiction of the Thiruvottiyur SRO, and is classified as Residential Class I Type - III.

How the guideline value of Puratchi Thalaivar Nagar has changed

The guideline value for Puratchi Thalaivar Nagar has undergone several revisions over the years. The earliest recorded value was Rs 126 per sq.ft in 2002, which increased to Rs 144 per sq.ft in 2003. Following this, there was a significant rise to Rs 200 per sq.ft in 2007, and the value further surged to Rs 1,300 per sq.ft in 2012. However, it then decreased to Rs 871 per sq.ft in 2017. The value was Rs 1,300 per sq.ft in 2023, before reaching the current rate of Rs 1,400 per sq.ft in 2024.

In terms of percentage changes, the guideline value increased by 14% from 2002 to 2003, followed by a 39% rise from 2003 to 2007. The value then saw a remarkable increase of 550% from 2007 to 2012. After a decline of 33% from 2012 to 2017, the value rose by 49% from 2017 to 2023. Finally, there was an 8% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1011%.

Guideline values in Ernavur

In Ernavur, there are 82 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 7,300 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Puratchi Thalaivar Nagar is below this median.

• Poompukar Nagar: Rs 2,400 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 1,400 per sq.ft (2024)
• Rajivgandhi Nagar: Rs 3,300 per sq.ft (2024)
• Pidariamman Koil street: Rs 1,400 per sq.ft (2024)
• Rajiv Gandhi Nagar (Corner Plots): Rs 3,300 per sq.ft (2024)
• Ramakrishna Nagar/Cross Street/Sathiyamurthy Ngar: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Puratchi Thalaivar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,400 per sq.ft, the total guideline value would be Rs 14,00,000. The stamp duty at 7% would amount to Rs 98,000, and the registration fee at 2% would be Rs 28,000. Together, the total cost for these fees would be Rs 1,26,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Puratchi Thalaivar Nagar?

The Sub Registrar Office that covers Puratchi Thalaivar Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Ernavur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. It is essential for both parties to understand that these fees are based on the higher of the guideline value or the sale price, ensuring that the transaction is recorded accurately in the official registers.

Frequently asked questions

What is the current guideline value of Puratchi Thalaivar Nagar?

The current guideline value of Puratchi Thalaivar Nagar is Rs 1,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 126 per sq.ft in 2002 to Rs 1,400 per sq.ft in 2024, reflecting an overall increase of 1011% over this period.

What are the stamp duty and registration fees for property in Puratchi Thalaivar Nagar?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,26,000.

Which Sub Registrar Office covers Puratchi Thalaivar Nagar?

The Thiruvottiyur Sub Registrar Office covers Puratchi Thalaivar Nagar, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

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

The guideline value is used as a benchmark for registering property transactions and calculating the applicable stamp duty and registration fees. It ensures that properties are registered at a fair value according to local regulations.