Guideline Value for THAVOOTH NAGAR 1ST STREET

Thavooth Nagar 1st Street guideline value

The current guideline value of Thavooth Nagar 1st Street is Rs 1,540 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification is Residential Class IV Type - I.

How the guideline value of Thavooth Nagar 1st Street has changed

The guideline value for Thavooth Nagar 1st Street has undergone several revisions over the years. The earliest recorded figure is from 2012, when the guideline value was Rs 1,400 per sq.ft. This value remained unchanged until the next revision in 2017, where it dropped to Rs 938 per sq.ft, marking a decrease of 33%. The 2023 revision saw a significant increase to Rs 1,400 per sq.ft, followed by the latest revision in 2024, which raised it further to Rs 1,540 per sq.ft, reflecting a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register does not contain figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are a total of 379 streets under the Chennai South Joint I SRO carrying a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Thavooth Nagar 1st Street's 2024 figure below that median.

• Thavooth Nagar 2nd Street: Rs 1,540 per sq.ft (2024)
• Theruveethiamman Koil Street: Rs 1,540 per sq.ft (2024)
• Thiruppur Kumaran Street: Rs 2,200 per sq.ft (2024)
• Thirupur Kumaran Street: Rs 2,200 per sq.ft (2024)
• Suriya Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Suriya Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Thavooth Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,540 per sq.ft, the total guideline value amounts to Rs 15,40,000. The stamp duty at 7% would be Rs 1,07,800, and the registration fee at 2% would be Rs 30,800, bringing the total to Rs 1,38,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Thavooth Nagar 1st Street?

The Sub Registrar Office that covers Thavooth Nagar 1st Street 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. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is documented at a fair value, which is essential for both the buyer and seller. This helps maintain transparency in property transactions and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Thavooth Nagar 1st Street?

The current guideline value of Thavooth Nagar 1st Street is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,400 per sq.ft in 2023 to Rs 1,540 per sq.ft in 2024, reflecting a 10% increase. It was Rs 938 per sq.ft in 2017 and Rs 1,400 per sq.ft in 2012.

What is the land classification for Thavooth Nagar 1st Street?

The land classification for Thavooth Nagar 1st Street is Residential Class IV Type - I.

What are the stamp duty and registration fees for a property in Thavooth Nagar 1st Street?

For a property valued at Rs 15,40,000, the stamp duty would be Rs 1,07,800 and the registration fee would be Rs 30,800, totaling Rs 1,38,600.

Which office handles registrations for Thavooth Nagar 1st Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Thavooth Nagar 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.