Guideline Value for THIRUMALAI NAGAR

Thirumalai Nagar guideline value

The current guideline value of Thirumalai Nagar is Rs 3,550 per sq.ft, effective from 1 July 2024. This area is located in Ramapuram village and falls under the Chennai South Joint II SRO, classified as Residential Class I Type - II.

How the guideline value of Thirumalai Nagar has changed

The guideline value for Thirumalai Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 252 per sq.ft. This increased to Rs 313 per sq.ft in 2003, marking a rise of 24%. The value further increased to Rs 900 per sq.ft in 2007, which was a substantial jump of 188%. By 2012, the guideline value stood at Rs 3,200 per sq.ft, reflecting a notable increase of 256% from the previous revision. However, it then decreased to Rs 2,144 per sq.ft in 2017, showing a decline of 33% before rising again to Rs 3,200 per sq.ft in 2023, with a significant increase of 49%.

The most recent revision in 2024 has set the guideline value at Rs 3,550 per sq.ft, which is an increase of 11% from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 1,309%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 3,100 per sq.ft, placing Thirumalai Nagar's 2024 figure above this median.

• Thirumalai Nagar 1 to 6 Street: Rs 3,550 per sq.ft (2024)
• Thirumalainagar Extn: Rs 3,550 per sq.ft (2024)
• Thirumalai Nagar Main Road: Rs 3,550 per sq.ft (2024)
• Thirupathi Nagar Road: Rs 3,550 per sq.ft (2024)
• Thangal Street: Rs 1,950 per sq.ft (2024)
• Thandavarayan Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Thirumalai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,550 per sq.ft, the total guideline value amounts to Rs 35,50,000. The stamp duty at 7% would be Rs 2,48,500, and the registration fee at 2% would be Rs 71,000, bringing the total to Rs 3,19,500. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Thirumalai Nagar?

The Sub Registrar Office that covers Thirumalai Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Ramapuram. It serves as the benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for legal and tax purposes. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during a property transaction.

Frequently asked questions

What is the current guideline value of Thirumalai Nagar?

The current guideline value of Thirumalai Nagar is Rs 3,550 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 252 per sq.ft in 2002 to Rs 3,550 per sq.ft in 2024, reflecting an overall increase of 1,309% over this period.

What is the registration office for Thirumalai Nagar?

The registration office for Thirumalai Nagar is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What are the stamp duty and registration fees for property in Thirumalai Nagar?

For a property valued at Rs 35,50,000, the stamp duty would be Rs 2,48,500 and the registration fee would be Rs 71,000, totaling Rs 3,19,500.

How does the guideline value affect property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the transaction is recorded at a fair value for legal and tax purposes.