Guideline Value for THAI NAGAR

Thai Nagar guideline value

The current guideline value of Thai Nagar, located in Pothur village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Thai Nagar has changed

The guideline value for Thai Nagar has seen several revisions over the years. In 2012, the value was Rs 500 per sq.ft, which then decreased to Rs 335 per sq.ft in 2017. However, from 2017 to the 2023 revision, there was a significant increase of 49%, bringing the value up to Rs 500 per sq.ft. The most recent revision in 2024 set the guideline value at Rs 550 per sq.ft, marking a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Pothur

Pothur village has a total of 98 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 330 to Rs 2,000 per sq.ft. The median guideline value for these streets is Rs 550 per sq.ft, which is equal to the current value for Thai Nagar.

• Thaiman Nagar: Rs 550 per sq.ft (2024)
• Super Dhoni Nagr: Rs 1,480 per sq.ft (2024)
• Thirumullai Lake View Garden: Rs 440 per sq.ft (2024)
• Thiru Nagar: Rs 550 per sq.ft (2024)
• Thiru Nagar-1: Rs 550 per sq.ft (2024)
• Thiru Nagar II: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Thai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total charges to Rs 49,500. It is important to note that 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 Thai Nagar?

The Sub Registrar Office that covers Thai Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pothur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer is required to pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Thai Nagar?

The current guideline value of Thai Nagar is Rs 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 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the registration fee for property in Thai Nagar?

The registration fee for property in Thai Nagar is calculated at 2% of the guideline value. For example, for a property valued at Rs 5,50,000, the registration fee would be Rs 11,000.

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

The Sub Registrar Office for Thai Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

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

The guideline value is significant as it determines the stamp duty and registration fees applicable during property transactions. It ensures that these fees are based on a standardized value set by the government.