Guideline Value for THILAK STREET EXTENSION

Thilak Street Extension guideline value

The current guideline value of Thilak Street Extension is Rs 17,600 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Commercial Special Type - III.

How the guideline value of Thilak Street Extension has changed

The guideline value for Thilak Street Extension has seen significant changes over the years. In 2002, the guideline value was Rs 1,462 per sq.ft, which increased to Rs 1,623 per sq.ft in 2003, marking an increase of 11%. The value then rose to Rs 3,000 per sq.ft in 2007, a substantial increase of 85%. Following this, the value surged to Rs 16,000 per sq.ft in 2012, showing a remarkable increase of 433%. However, from 2012 to 2017, the value decreased to Rs 10,720 per sq.ft, reflecting a decline of 33%. The guideline value then rose again to Rs 16,000 per sq.ft in 2023, followed by a final increase to the current rate of Rs 17,600 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,104%. It is important to note that there are no figures available for the years not listed in the register for this street.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median guideline value in this area is Rs 11,000 per sq.ft, placing Thilak Street Extension's 2024 figure above that median.

• Thilak Street: Rs 11,000 per sq.ft (2024)
• Thiagaraya Grammani Street: Rs 8,800 per sq.ft (2024)
• Thirumalai Pillai 1st Street: Rs 14,300 per sq.ft (2024)
• Thirumalai Pillai Road: Rs 17,600 per sq.ft (2024)
• Thirumurthy Street: Rs 17,600 per sq.ft (2024)
• Thanjavur Road: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Thilak Street Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 17,600 per sq.ft, the total guideline value would be Rs 1,76,00,000. The stamp duty at 7% would amount to Rs 12,32,000, and the registration fee at 2% would be Rs 3,52,000, bringing the total fees to Rs 15,84,000. It is important to note that 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 details.

Which Sub Registrar Office covers Thilak Street Extension?

The Sub Registrar Office that covers Thilak Street Extension is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Tnagar. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of a property.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration process is transparent and standardized across the region.

Frequently asked questions

What is the current guideline value of Thilak Street Extension?

The current guideline value of Thilak Street Extension is Rs 17,600 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 1,462 per sq.ft to Rs 17,600 per sq.ft in 2024, reflecting an overall increase of 1,104%.

What is the land classification of Thilak Street Extension?

Thilak Street Extension is classified as Commercial Special Type - III.

What are the stamp duty rates for property in Thilak Street Extension?

The stamp duty for property transactions in Thilak Street Extension is charged at 7% of the higher value between the guideline value and the sale price.

Where is the Sub Registrar Office located for this area?

The Thiyagaraya nagar Sub Registrar Office is located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.