Guideline Value for TAMIL NAGAR

Tamil Nagar guideline value

The current guideline value of Tamil Nagar, located in Ramapuram village, is Rs 3,550 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint II SRO and is classified as Residential Class I Type - II.

How the guideline value of Tamil Nagar has changed

The guideline value of Tamil Nagar has seen several revisions over the years. In 2002, the value was Rs 349 per sq.ft, which increased to Rs 432 per sq.ft in 2003, marking a 24% rise. The value further rose to Rs 1,100 per sq.ft in 2007, reflecting a significant increase of 155%. By 2012, the value was adjusted to Rs 3,200 per sq.ft, showing a remarkable increase of 191% from the previous revision. However, it then decreased to Rs 2,144 per sq.ft in 2017, a drop of 33%. The subsequent revision in 2023 set the value at Rs 3,200 per sq.ft, followed by the current figure of Rs 3,550 per sq.ft in 2024, which represents an 11% increase.

Overall, from 2002 to 2024, the guideline value has increased by 917%. There are no figures available for other years in the register for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft, with a median value of Rs 3,100 per sq.ft. The guideline value of Tamil Nagar is above this median.

• Tamil Nagar 1st Street: Rs 3,550 per sq.ft (2024)
• Tamil Nagar 2nd Street: Rs 3,550 per sq.ft (2024)
• Tamil Nagar 3rd Street: Rs 3,550 per sq.ft (2024)
• Tamil Nagar 4th Street: Rs 3,550 per sq.ft (2024)
• Tamil Nagar 5th Street: Rs 3,550 per sq.ft (2024)
• Sunthari Garden: Rs 1,950 per sq.ft (2024)

Stamp duty and registration fee for property in Tamil Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,550 per sq.ft, the total guideline value amounts to Rs 35,50,000. The stamp duty at 7% would be Rs 2,48,500, and the registration fee at 2% would be Rs 71,000, leading to a total of Rs 3,19,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Tamil Nagar?

The Tamil Nagar area is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered. When a buyer and seller agree on a sale price, the registration office will use the higher of the guideline value or the sale price to calculate the applicable stamp duty and registration fees.

During the registration process, it is essential for both buyers and sellers to be aware of the current guideline value, as it directly impacts the costs involved in the transaction. Proper understanding of this value ensures compliance with local regulations and helps avoid potential disputes during the registration process.

Frequently asked questions

What is the current guideline value of Tamil Nagar?

The current guideline value of Tamil Nagar is Rs 3,550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 349 per sq.ft in 2002 to Rs 3,550 per sq.ft in 2024, showing an overall increase of 917% over the years.

What is the land classification of Tamil Nagar?

Tamil Nagar is classified as Residential Class I Type - II under the Chennai South Joint II SRO.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 35,50,000, leading to a stamp duty of Rs 2,48,500 and a registration fee of Rs 71,000, totaling Rs 3,19,500.

Where can I find the Sub Registrar Office for Tamil Nagar?

The Sub Registrar Office covering Tamil Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.