Guideline Value for T.N.H.B. Phase I & II (Commercial)

T.N.H.B. Phase I & II (Commercial) guideline value

The current guideline value for T.N.H.B. Phase I & II (Commercial) in Thirumullaivoyal village is Rs 5,500 per sq.ft, effective from 1 July 2024. This area falls under the Ambattur SRO and is classified as Commercial Class I Type - I.

How the guideline value of T.N.H.B. Phase I & II (Commercial) has changed

The guideline value for T.N.H.B. Phase I & II (Commercial) has seen several revisions over the years. In 2003, the value was Rs 475 per sq.ft, which increased to Rs 1,500 per sq.ft in 2007. The value then rose dramatically to Rs 5,000 per sq.ft in 2012, before dropping to Rs 3,350 per sq.ft in 2017. The most recent revisions show an increase to Rs 5,000 per sq.ft in 2023, and the current value is set at Rs 5,500 per sq.ft from the 2024 revision.

From 2017 to 2023, the value increased by 49%, while the jump from 2023 to 2024 is 10%. The significant changes from earlier revisions include a 233% increase from 2007 to 2012 and a 216% increase from 2003 to 2007. Overall, from 2003 to 2024, the guideline value has increased by 1058%. The register has no figure for the year 2002 for this street.

Guideline values in Thirumullaivoyal

In Thirumullaivoyal, there are 975 streets under the Ambattur SRO with a 2024 guideline value ranging from Rs 880 to Rs 5,500 per sq.ft. The median value is Rs 2,400 per sq.ft, placing T.N.H.B. Phase I & II (Commercial) above this median.

• T.N.H.B. Phase I & II (Residential): Rs 3,800 per sq.ft (2024)
• T.N.H.B. (Residential Flats): Rs 2,700 per sq.ft (2024)
• Tholkappiar Street (Sri Sakthi Nagar): Rs 2,400 per sq.ft (2024)
• Thiru.Vi.Ka. Street (Senthil Nagar): Rs 2,700 per sq.ft (2024)
• Thiruvika Nagar: Rs 1,400 per sq.ft (2024)
• Vaigai Street (Sri Kalikambal Nagar): Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in T.N.H.B. Phase I & II (Commercial)

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 to Rs 4,95,000. It is important to note that 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 T.N.H.B. Phase I & II (Commercial)?

The T.N.H.B. Phase I & II (Commercial) falls under the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur- 600 053, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions in Thirumullaivoyal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue based on the value of the property being transacted.

Frequently asked questions

What is the current guideline value for T.N.H.B. Phase I & II (Commercial)?

The current guideline value for T.N.H.B. Phase I & II (Commercial) 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 increased from Rs 475 per sq.ft in 2003 to Rs 5,500 per sq.ft in 2024, marking a total increase of 1058% over the years.

What is the registration fee for property in T.N.H.B. Phase I & II (Commercial)?

The registration fee is calculated at 2% of the guideline value or sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the registration fee would be Rs 1,10,000.

Which office handles registrations for T.N.H.B. Phase I & II (Commercial)?

The Ambattur Sub Registrar Office handles registrations for T.N.H.B. Phase I & II (Commercial), located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur- 600 053, Chennai registration zone.

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

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the fees are based on the property's value, providing a fair basis for taxation.