Guideline Value for THILAK STREET

Thilak Street guideline value

The current guideline value of Thilak Street is Rs 11,000 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village and falls under the Thiyagaraya nagar SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Thilak Street has changed

The guideline value for Thilak Street has seen several revisions over the years. In 2002, the value was Rs 1,462 per sq.ft, which increased to Rs 2,850 per sq.ft in 2003, marking a significant rise of 95%. The value further climbed to Rs 4,000 per sq.ft in 2007, reflecting a 40% increase. In 2012, the value was Rs 10,000 per sq.ft, which was a substantial increase of 150% from the previous revision. However, this figure dropped to Rs 6,700 per sq.ft in 2017, showing a decrease of 33%. The guideline value then rose to Rs 10,000 per sq.ft in 2023, before reaching the current value of Rs 11,000 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 652%. There are no figures available for any other revisions for this street in the register.

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 value is Rs 11,000 per sq.ft, which matches the current guideline value of Thilak Street.

• Thilak Street Extension: Rs 17,600 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

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value amounts to Rs 1,10,00,000. The stamp duty, charged at 7%, would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, bringing the total cost together to Rs 9,90,000. It is important to note that the 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 more details.

Which Sub Registrar Office covers Thilak Street?

The Sub Registrar Office that covers Thilak Street 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 in property transactions in Tnagar, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that all transactions are conducted transparently and fairly.

During the registration process, the buyer must pay the applicable stamp duty and registration fees 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 Thilak Street?

The current guideline value of Thilak Street is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,462 per sq.ft in 2002 to Rs 11,000 per sq.ft in 2024, reflecting an overall increase of 652% over the years.

What is the land classification for Thilak Street?

The land classification for Thilak Street is Residential Special Type - I.

Where can I find the Thiyagaraya nagar Sub Registrar Office?

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

How are stamp duty and registration fees calculated for properties in Thilak Street?

Stamp duty is calculated at 7% of the guideline value, and the registration fee is 2% of the guideline value. The total cost is based on either the guideline value or the sale price, whichever is higher.