Guideline Value for THIRUMAL NAGAR

Thirumal Nagar guideline value

The current guideline value of Thirumal Nagar, located in Korattur village under the Villivakkam SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area falls under Residential Class III Type - III land classification.

How the guideline value of Thirumal Nagar has changed

The guideline value for Thirumal Nagar has seen several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 64 per sq.ft. This increased significantly to Rs 250 per sq.ft in 2007, marking a 291% rise. The value then jumped to Rs 1,500 per sq.ft in 2012, a substantial increase of 500%. However, the value decreased to Rs 1,005 per sq.ft in 2017, reflecting a 33% drop. The 2023 revision set the value at Rs 1,500 per sq.ft, followed by the latest increase to Rs 1,600 per sq.ft in 2024, which is a 7% rise.

Overall, from 2002 to 2024, the guideline value has increased by 2400%. The register does not include a figure for the year 2003 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. Thirumal Nagar's guideline value of Rs 1,600 per sq.ft is below this median.

• Thirumalai Square (Rajiv Nagar Korattur): Rs 2,100 per sq.ft (2024)
• Thirumalai Square (Balaji Nagar): Rs 2,100 per sq.ft (2024)
• Thirumullaivoyal Road: Rs 2,500 per sq.ft (2024)
• Thirumalai Nagar: Rs 2,500 per sq.ft (2024)
• Thirumalai Annex: Rs 2,500 per sq.ft (2024)
• Thillai Nagar Extension: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Thirumal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Thirumal Nagar?

The Sub Registrar Office that covers Thirumal Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your specific SRO, visit find your SRO.

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

When buying or selling property in Korattur, the guideline value is a crucial factor during the registration process. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

The guideline value ensures that the government collects the appropriate taxes on property transactions. Buyers and sellers must be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Thirumal Nagar?

The current guideline value of Thirumal Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 64 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 2400% over this period.

What is the land classification of Thirumal Nagar?

Thirumal Nagar falls under Residential Class III Type - III land classification.

Where is the Sub Registrar Office for Thirumal Nagar located?

The Villivakkam Sub Registrar Office 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 in Thirumal Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,600 per sq.ft would incur a total stamp duty of Rs 1,12,000.