Guideline Value for THIRUMAGAL COLONY

Thirumagal Colony guideline value

The current guideline value of Thirumagal Colony, located in Padi village under the Villivakkam SRO, is Rs 8,200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - III land classification.

How the guideline value of Thirumagal Colony has changed

Over the years, the guideline value of Thirumagal Colony has seen significant changes. The earliest recorded figure is from 2002, which was Rs 1,075 per sq.ft. This value increased to Rs 1,205 per sq.ft in 2003, marking a rise of 12%. The subsequent revision in 2007 saw a substantial increase to Rs 1,650 per sq.ft, reflecting a growth of 37%. However, the value experienced a dramatic jump to Rs 7,500 per sq.ft in 2012, an increase of 355%. In 2017, the value adjusted to Rs 5,025 per sq.ft, resulting in a decrease of 33%. The guideline value then rose significantly to Rs 7,500 per sq.ft in 2023, before reaching the current figure of Rs 8,200 per sq.ft in 2024, which is an increase of 9% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 663%, showcasing the fluctuations in property valuation over the years. The register has no figures for the years not mentioned in this summary.

Guideline values in Padi

In Padi village, there are 354 streets covered under the Villivakkam SRO, with the 2024 guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 3,800 per sq.ft, placing Thirumagal Colony's current value above this median.

• Thiruganasambanthar Street (Kovil Land): Rs 2,500 per sq.ft (2024)
• Thiruvalleswarar Colony (Kovil Land): Rs 3,400 per sq.ft (2024)
• THANTHOONIAMMAN KOIL STREET (Kovil Land): Rs 3,400 per sq.ft (2024)
• Thiruvalluvar Kovil Street: Rs 3,400 per sq.ft (2024)
• Thanikachalam Street (Near Jagadambikai Nagar): Rs 3,400 per sq.ft (2024)
• Thangavel Thottam: Rs 3,400 per sq.ft (2024)

Stamp duty and registration fee for property in Thirumagal Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value amounts to Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, bringing the total charges to Rs 7,38,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Thirumagal Colony?

The Thirumagal Colony is covered by 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 details.

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

The guideline value is a crucial factor when registering property transactions in Padi. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is referenced to calculate the applicable stamp duty and registration fees. It is essential for buyers and sellers to be aware of the current guideline value to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Thirumagal Colony?

The current guideline value of Thirumagal Colony is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 1,075 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, marking an overall increase of 663% over this period.

What are the stamp duty and registration fees for property in Thirumagal Colony?

For a property valued at Rs 82,00,000, the stamp duty would be Rs 5,74,000 and the registration fee would be Rs 1,64,000, totaling Rs 7,38,000.

Which office handles property registrations in Thirumagal Colony?

The Villivakkam Sub Registrar Office handles property registrations for Thirumagal Colony, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value for properties, which affects the stamp duty and registration fees during transactions in Padi.