Guideline Value for THERADI STREET

Theradi Street guideline value

The current guideline value of Theradi Street in Okkiyamthuraipakkam village, under the Neelankarai SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - III.

How the guideline value of Theradi Street has changed

From the 2003 revision, the guideline value for Theradi Street has seen significant increases over the years. In 2003, the value was Rs 166 per sq.ft, which rose to Rs 500 per sq.ft in 2007, marking a 201% increase. The value then surged to Rs 2,000 per sq.ft in 2012, representing a 300% increase from the previous revision. However, it dropped to Rs 1,340 per sq.ft in 2017, which was a decrease of 33%. The value increased again to Rs 2,000 per sq.ft in 2023 and further to Rs 2,200 per sq.ft in 2024, reflecting a 10% rise.

To summarize the revisions: from 2017 to 2023, there was a 49% increase, and overall, from 2003 to 2024, the guideline value has increased by 1225%. It is important to note that there is no figure available for the year 2002 in the register for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with the 2024 guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, indicating that Theradi Street's 2024 guideline value is below this median.

• Thiruvalluvar Nagar 1 St Street: Rs 3,300 per sq.ft (2024)
• Thiruvalluvar Nagar 2 Nd Street: Rs 3,300 per sq.ft (2024)
• Thiruvalluvar Nagar 3 Rd Street: Rs 3,300 per sq.ft (2024)
• Thiruvalluvar Nagar 4 Th Street: Rs 3,300 per sq.ft (2024)
• Thiruvalluvar Street: Rs 3,300 per sq.ft (2024)
• Suppurayan Nagar: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Theradi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Theradi Street?

The Sub Registrar Office that covers Theradi Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Okkiyamthuraipakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is sold, the stamp duty and registration fees are calculated 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 Theradi Street?

The current guideline value of Theradi Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 166 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1225% over the years.

What is the land classification for Theradi Street?

Theradi Street is classified as Residential Class II Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7%, and the registration fee is charged at 2% of the guideline value or the sale price, whichever is higher.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.