Guideline Value for THIRUMALAI NAGAR

Thirumalai Nagar guideline value

The current guideline value of Thirumalai Nagar, located in Thirunilai village under the Thiruvottiyur SRO, is Rs 248 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Thirumalai Nagar has changed

The guideline value for Thirumalai Nagar has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 10 per sq.ft. This increased to Rs 11 per sq.ft in 2003, marking a 10% rise. The value then saw significant growth, reaching Rs 50 per sq.ft in 2007, which was a 355% increase. By 2012, the value adjusted slightly to Rs 225 per sq.ft, reflecting a decrease of 33%. The 2017 revision brought a notable increase to Rs 151 per sq.ft, which was a 50% rise from the previous figure. The guideline value then increased to Rs 226 per sq.ft in 2023, before reaching the current rate of Rs 248 per sq.ft in 2024, a 10% increase from the previous year.

Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by 2380%. There are no figures available for any revisions prior to 2002 or for other years not listed in the register.

Guideline values in Thirunilai

In Thirunilai village, there are 10 streets under the Thiruvottiyur SRO that carry a 2024 guideline value of Rs 248 per sq.ft, with the median also being Rs 248 per sq.ft. Thirumalai Nagar's 2024 figure matches this median.

• Sri Sankara Balasubramaniya Highway City: Rs 248 per sq.ft (2024)
• Sri Lakshmi Ganapathy Nagar: Rs 248 per sq.ft (2024)
• Pachaiamma Nagar Ext.: Rs 248 per sq.ft (2024)
• Pachaiamma Nagar: Rs 248 per sq.ft (2024)
• New Star City: Rs 248 per sq.ft (2024)
• MRK Pannai Thottam: Rs 248 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 248 per sq.ft, the total guideline value amounts to Rs 2,48,000. The stamp duty at 7% would be Rs 17,360, while the registration fee at 2% would be Rs 4,960, bringing the total charges to Rs 22,320. 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 details.

Which Sub Registrar Office covers Thirumalai Nagar?

The Thiruvottiyur Sub Registrar Office covers Thirumalai Nagar. The address is 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor in the registration of property transactions in Thirunilai. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the sale process.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Thirumalai Nagar?

The current guideline value of Thirumalai Nagar is Rs 248 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 10 per sq.ft in 2002 to Rs 248 per sq.ft in 2024, which is an overall increase of 2380% over the years.

What are the other streets in Thirunilai with the same guideline value?

Other streets in Thirunilai that have a guideline value of Rs 248 per sq.ft include Sri Sankara Balasubramaniya Highway City, Sri Lakshmi Ganapathy Nagar, Pachaiamma Nagar Ext., Pachaiamma Nagar, New Star City, and MRK Pannai Thottam.

What fees are associated with buying property in Thirumalai Nagar?

When buying property in Thirumalai Nagar, buyers should expect to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Thirumalai Nagar?

The Sub Registrar Office covering Thirumalai Nagar is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find more information by visiting the relevant link.