Guideline Value for THANKS NAGAR

Thanks Nagar guideline value

The current guideline value of Thanks Nagar, located in Pallikaranai village under the Chennai South Joint I SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class IV Type - II land classification.

How the guideline value of Thanks Nagar has changed

The guideline value for Thanks Nagar has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 92 per sq.ft. This figure increased to Rs 109 per sq.ft in 2003, marking an 18% rise. The subsequent revision in 2007 saw a significant jump to Rs 400 per sq.ft, which is a 267% increase. In 2012, the guideline value remained at Rs 400 per sq.ft, and there was no figure recorded for the 2017 revision.

In 2023, the guideline value was revised to Rs 1,200 per sq.ft, and then further increased to Rs 1,320 per sq.ft in 2024, reflecting a 10% change. Overall, from 2002 to 2024, the guideline value has increased by 1,335%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing the 2024 figure for Thanks Nagar below that median.

• Thanthai Periyar Avvaiyar Street: Rs 1,650 per sq.ft (2024)
• Thanthai Periyar Kamaraj Street: Rs 1,650 per sq.ft (2024)
• Thanigai Nagar: Rs 1,320 per sq.ft (2024)
• Theeran Chinna Malai Street: Rs 2,200 per sq.ft (2024)
• Thangam Nagar: Rs 1,650 per sq.ft (2024)
• Thangam Avenue: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Thanks Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, making the total Rs 1,18,800. It is important to note that 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 further assistance.

Which Sub Registrar Office covers Thanks Nagar?

The Sub Registrar Office that covers Thanks Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. For more information, you can find your SRO.

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

The guideline value plays a critical role in the registration process of property transactions in Pallikaranai. It serves as the benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two values will determine the applicable stamp duty and registration fees, which are essential for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Thanks Nagar?

The current guideline value of Thanks Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2002, the guideline value has increased from Rs 92 per sq.ft to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1,335%.

What is the stamp duty for property in Thanks Nagar?

The stamp duty for property in Thanks Nagar is 7% of the guideline value or the sale price, whichever is higher.

Which office handles registrations for Thanks Nagar?

The Chennai South Joint I Sub Registrar Office handles registrations for Thanks Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What are the guideline values for other streets in Pallikaranai?

Other streets in Pallikaranai have varying guideline values, with rates ranging from Rs 1,110 to Rs 8,580 per sq.ft. For example, Thanthai Periyar Avvaiyar Street and Thanthai Periyar Kamaraj Street both have a guideline value of Rs 1,650 per sq.ft in 2024.