Guideline Value for THANIKACHALAM STREET (NEAR JAGADAMBIKAI NAGAR)

Thanikachalam Street (Near Jagadambikai Nagar) guideline value

The current guideline value of Thanikachalam Street (Near Jagadambikai Nagar) is Rs 3,400 per sq.ft, effective from 1 July 2024. This street is located in Padi village under the Villivakkam SRO and is classified as Residential Class IV Type - II.

How the guideline value of Thanikachalam Street (Near Jagadambikai Nagar) has changed

The guideline value for Thanikachalam Street has undergone several revisions over the years. In 2002, the value was Rs 374 per sq.ft, which increased to Rs 420 per sq.ft in 2003, marking a 12% rise. The value then saw a significant increase to Rs 850 per sq.ft in 2007, which was a 102% change. Following this, the value surged to Rs 3,100 per sq.ft in 2012, reflecting a 265% increase. However, from 2012 to 2017, the value decreased to Rs 2,077 per sq.ft, showing a decline of 33%. The value rose again to Rs 3,100 per sq.ft in 2023, and the most recent revision in 2024 set the guideline value at Rs 3,400 per sq.ft, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 809%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 3,800 per sq.ft, placing Thanikachalam Street's 2024 figure below this median.

• THANTHOONIAMMAN KOIL STREET (Kovil Land): Rs 3,400 per sq.ft (2024)
• Thangavel Thottam: Rs 3,400 per sq.ft (2024)
• Thamarai Kudiyeruppu: Rs 6,600 per sq.ft (2024)
• Thiruganasambanthar Street (Kovil Land): Rs 2,500 per sq.ft (2024)
• Thirumagal Colony: Rs 8,200 per sq.ft (2024)
• SYNDICATE BANK COLONY 11th STREET: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Thanikachalam Street (Near Jagadambikai Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,400 per sq.ft, the total guideline value amounts to Rs 34,00,000. The stamp duty at 7% would be Rs 2,38,000, and the registration fee at 2% would be Rs 68,000, making the total cost for these fees Rs 3,06,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Thanikachalam Street (Near Jagadambikai Nagar)?

The Sub Registrar Office that covers Thanikachalam Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Padi. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must be aware that the guideline value is used to calculate these fees, ensuring compliance with the regulations set by the Registration Department.

When a property is sold, the guideline value helps in assessing the official value of the property for taxation purposes. This means that buyers should consider the guideline value when negotiating the sale price, as the fees will be based on this value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Thanikachalam Street?

The current guideline value of Thanikachalam Street (Near Jagadambikai Nagar) is Rs 3,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 374 per sq.ft in 2002 to Rs 3,400 per sq.ft in 2024, reflecting an overall increase of 809% over this period.

What are the other streets in Padi with similar guideline values?

Other streets in Padi include THANTHOONIAMMAN KOIL STREET and Thangavel Thottam, both at Rs 3,400 per sq.ft in 2024.

How is the stamp duty calculated for properties in Thanikachalam Street?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 34,00,000 would incur a stamp duty of Rs 2,38,000.

Where can I find the Sub Registrar Office for Thanikachalam Street?

The Villivakkam Sub Registrar Office covers Thanikachalam Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.