Guideline Value for Thangal 1st Street

Thangal 1st Street guideline value

The current guideline value of Thangal 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Thangal 1st Street has changed

The guideline value for Thangal 1st Street has seen several revisions over the years. In 2002, the value was Rs 259 per sq.ft, which increased to Rs 287 per sq.ft in 2003, marking an 11% rise. The value then rose significantly to Rs 750 per sq.ft in 2007, reflecting a 161% increase. Following this, the value surged to Rs 3,000 per sq.ft in 2012, indicating a substantial 300% jump. However, it dropped to Rs 2,010 per sq.ft in 2017, a decrease of 33%. The guideline value then increased to Rs 3,000 per sq.ft in 2023, and finally reached Rs 3,300 per sq.ft in 2024, representing a 10% increase from the previous year.

There are no figures available for the revisions in years other than those listed. The overall change from 2002 to 2024 is a remarkable increase of 1,174%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that have a guideline value for 2024, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which means that the 2024 figure for Thangal 1st Street is below this median.

• Thangal 10th Street: Rs 3,300 per sq.ft (2024)
• Thangal 2nd Street: Rs 3,300 per sq.ft (2024)
• Thangal 3rd Street: Rs 3,300 per sq.ft (2024)
• Thangal 4th Street: Rs 3,300 per sq.ft (2024)
• Thangal 5th Street: Rs 3,300 per sq.ft (2024)
• Thangal 6th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Thangal 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 information.

Which Sub Registrar Office covers Thangal 1st Street?

The Sub Registrar Office that covers Thangal 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for additional assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which property transactions can be registered. This value is used to calculate the stamp duty and registration fees that are payable during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline value to ensure compliance with the registration requirements.

Frequently asked questions

What is the current guideline value of Thangal 1st Street?

The current guideline value of Thangal 1st Street is Rs 3,300 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 259 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1,174% over the years.

What is the median guideline value in Virugambakkam?

The median guideline value in Virugambakkam is Rs 4,400 per sq.ft, which is higher than the current value for Thangal 1st Street.

What are the stamp duty and registration fees for Thangal 1st Street?

The stamp duty for a property valued at Rs 33,00,000 would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations for Thangal 1st Street?

The Virugambakkam Sub Registrar Office handles property registrations for Thangal 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.