Guideline Value for THILLAI NAGAR EXTENSION

Thillai Nagar Extension guideline value

The current guideline value of Thillai Nagar Extension is Rs 2,500 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam SRO, and is classified as Residential Class II Type - III.

How the guideline value of Thillai Nagar Extension has changed

Since the 2002 revision, the guideline value has seen significant changes. In 2002, the value was Rs 180 per sq.ft, which increased to Rs 600 per sq.ft in 2007, marking a rise of 233%. The value then surged to Rs 2,300 per sq.ft in 2012, reflecting an increase of 283%. However, from 2012 to 2017, it decreased to Rs 1,541 per sq.ft, a drop of 33%. The most recent revision in 2024 set the value at Rs 2,500 per sq.ft, which is an increase of 62% from the 2017 figure.

Overall, from 2002 to 2024, the guideline value has risen by 1289%. It is important to note that there are no figures available for the years 2003 and 2023 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with the median value being Rs 2,500 per sq.ft. Thillai Nagar Extension's 2024 guideline value matches this median.

• Thillai Nagar 4th & 5th Street: Rs 3,300 per sq.ft (2024)
• THILLAI NAGAR 3rd STREET: Rs 3,300 per sq.ft (2024)
• THILLAI NAGAR 2nd STREET: Rs 3,300 per sq.ft (2024)
• THILLAI NAGAR 1st STREET: Rs 3,300 per sq.ft (2024)
• Thirumalai Annex: Rs 2,500 per sq.ft (2024)
• Thirumalai Nagar: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Thillai Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total to Rs 2,25,000. Please note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thillai Nagar Extension?

The Sub Registrar Office that covers Thillai Nagar Extension is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties. This ensures that the registration process is aligned with the current market standards as reflected in the guideline values.

Frequently asked questions

What is the current guideline value of Thillai Nagar Extension?

The current guideline value of Thillai Nagar Extension is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 180 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of 1289% over the years.

What is the land classification for Thillai Nagar Extension?

Thillai Nagar Extension is classified as Residential Class II Type - III under the Villivakkam SRO.

Where can I find the Sub Registrar Office for Thillai Nagar Extension?

The Sub Registrar Office for Thillai Nagar Extension is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 25,00,000 would incur a stamp duty of Rs 1,75,000 at 7%.