Guideline Value for Thangal 2nd Street

Thangal 2nd Street guideline value

The current guideline value of Thangal 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Thangal 2nd Street has changed

The guideline value for Thangal 2nd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 259 per sq.ft, which increased to Rs 287 per sq.ft in 2003, marking an increase of 11%. The value then saw a significant rise to Rs 750 per sq.ft in 2007, representing a 161% increase. Following this, the value jumped to Rs 3,000 per sq.ft in 2012, a remarkable increase of 300%. However, it decreased to Rs 2,010 per sq.ft in 2017, reflecting a decline of 33%. The value then rose to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, which is a 10% increase.

There are no figures available for the revisions in years other than those specified. Overall, from 2002 to 2024, the guideline value has increased by 1,174%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Thangal 2nd Street's 2024 guideline value is below this median.

• Thangal 3rd Street: Rs 3,300 per sq.ft (2024)
• Thangal 1st Street: Rs 3,300 per sq.ft (2024)
• Thangal 4th Street: Rs 3,300 per sq.ft (2024)
• Thangal 10th 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, leading to a total of Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Thangal 2nd Street?

The Sub Registrar Office that covers Thangal 2nd 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 more information.

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

The guideline value is a critical factor when registering property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the guideline value as it affects the overall cost of the transaction. Buyers should ensure that the sale price meets or exceeds the guideline value to avoid any complications during the registration process.

Frequently asked questions

What is the current guideline value of Thangal 2nd Street?

The current guideline value of Thangal 2nd 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 significantly 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 are the stamp duty and registration fees for properties in Thangal 2nd Street?

The stamp duty is 7% and the registration fee is 2%. For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 2,97,000.

Which office handles property registrations for Thangal 2nd Street?

The Virugambakkam Sub Registrar Office handles property registrations for Thangal 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Thangal 2nd Street?

The land classification for Thangal 2nd Street is Residential Class IV Type - I, which indicates the type of residential development allowed in this area.