Guideline Value for Thai Thillai Nagar

Thai Thillai Nagar guideline value

The current guideline value of Thai Thillai Nagar is Rs 660 per sq.ft, effective from 1 July 2024. This area is located in Thirumudivakkam village under the Padappai SRO, classified as Residential Class II Type - I.

How the guideline value of Thai Thillai Nagar has changed

The guideline value for Thai Thillai Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 600 per sq.ft, which decreased to Rs 402 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 600 per sq.ft in 2023, and then rose again to Rs 660 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. However, from 2012 to 2017, the value decreased by 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Thirumudivakkam

In Thirumudivakkam, there are 56 streets under the Padappai SRO with a 2024 guideline value ranging from Rs 660 to Rs 3,860 per sq.ft. The median value for these streets is Rs 1,320 per sq.ft, placing Thai Thillai Nagar's 2024 figure below that median.

• Swagatham Nagar: Rs 660 per sq.ft (2024)
• Thirumudivakkam Road: Rs 1,320 per sq.ft (2024)
• Subhalakshmi Nagar: Rs 1,320 per sq.ft (2024)
• Srinivasa Garden: Rs 3,210 per sq.ft (2024)
• Sri Mahalakshmi Co-operative society nagar: Rs 1,320 per sq.ft (2024)
• Sri Krishna Nagar Phase II: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Thai Thillai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, while the registration fee at 2% would be Rs 13,200, bringing the total to Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Thai Thillai Nagar?

The Thai Thillai Nagar area is covered by the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during property transactions in Thirumudivakkam. It serves as a benchmark for determining the stamp duty and registration fees when registering a property. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable taxes and fees. This ensures that all transactions are recorded at a fair value, minimizing disputes and ensuring transparency in property dealings.

Frequently asked questions

What is the current guideline value of Thai Thillai Nagar?

The current guideline value of Thai Thillai Nagar is Rs 660 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 2012 to Rs 402 per sq.ft in 2017, then to Rs 600 per sq.ft in 2023, and finally to Rs 660 per sq.ft in 2024.

What is the land classification for Thai Thillai Nagar?

Thai Thillai Nagar is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Thai Thillai Nagar?

The Padappai Sub Registrar Office covers Thai Thillai Nagar and is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated based on the guideline value?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 6,60,000, the stamp duty would be Rs 46,200.