Guideline Value for THIRUMALAI SQUARE (RAJIV NAGAR KORATTUR)

Thirumalai Square (Rajiv Nagar Korattur) guideline value

The current guideline value of Thirumalai Square (Rajiv Nagar Korattur) is Rs 2,100 per sq.ft, effective from 1 July 2024. This property is located in Korattur village and falls under the Villivakkam SRO. The land classification is Residential Class III Type - I.

How the guideline value of Thirumalai Square (Rajiv Nagar Korattur) has changed

The guideline value for Thirumalai Square has seen several revisions over the years. In 2007, the value was Rs 600 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012, marking a 233% rise. However, the value decreased to Rs 1,340 per sq.ft in 2017, reflecting a drop of 33%. The 2023 revision set the value at Rs 2,000 per sq.ft, followed by a 5% increase to the current Rs 2,100 per sq.ft in 2024.

From 2017 to 2023, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 250%. It is important to note that there are no figures available for the years 2002 and 2003 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 a median value of Rs 2,500 per sq.ft. Thirumalai Square (Rajiv Nagar Korattur) is below this median value.

• Thirumalai Square (Balaji Nagar): Rs 2,100 per sq.ft (2024)
• Thirumal Nagar: Rs 1,600 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 Thirumalai Square (Rajiv Nagar Korattur)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value amounts to Rs 21,00,000. The stamp duty at 7% would be Rs 1,47,000, while the registration fee at 2% would be Rs 42,000, bringing the total to Rs 1,89,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thirumalai Square (Rajiv Nagar Korattur)?

The Sub Registrar Office that covers Thirumalai Square (Rajiv Nagar Korattur) 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 further assistance.

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

The guideline value is a crucial factor when buying or selling property in Korattur, as it determines the minimum value at which a property can be registered. This value is used to calculate the applicable stamp duty and registration fees during the transaction process.

When a property is sold, the buyer must ensure that the sale price is at least equal to the guideline value to avoid any legal complications. This ensures transparency in property transactions and helps maintain a standardized valuation across the region.

Frequently asked questions

What is the current guideline value of Thirumalai Square (Rajiv Nagar Korattur)?

The current guideline value of Thirumalai Square (Rajiv Nagar Korattur) is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,100 per sq.ft in 2024, reflecting an overall increase of 250% over the years.

What is the median guideline value in Korattur?

The median guideline value in Korattur is Rs 2,500 per sq.ft, with Thirumalai Square (Rajiv Nagar Korattur) being below this median value at Rs 2,100 per sq.ft.

What are the stamp duty and registration fees for properties in Thirumalai Square?

For a property valued at Rs 21,00,000, the stamp duty would be Rs 1,47,000 and the registration fee would be Rs 42,000, totaling Rs 1,89,000.

Which office handles property registrations for Thirumalai Square?

The Villivakkam Sub Registrar Office handles property registrations for Thirumalai Square (Rajiv Nagar Korattur), located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.