Guideline Value for Thangal 7th Street

Thangal 7th Street guideline value

The current guideline value of Thangal 7th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Thangal 7th Street has changed

The guideline value for Thangal 7th Street has undergone several revisions over the years. The earliest recorded value in 2002 was Rs 259 per sq.ft, which increased to Rs 287 per sq.ft in 2003. Following this, there was a significant rise to Rs 750 per sq.ft in 2007, and then a substantial jump to Rs 3,000 per sq.ft in 2012. However, this value decreased to Rs 2,010 per sq.ft in 2017. 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.

In terms of percentage changes, the guideline value increased by 10% from 2023 to 2024. From 2017 to 2023, there was a notable increase of 49%. The value decreased by 33% from 2012 to 2017. The increase from 2007 to 2012 was 300%, while the rise from 2003 to 2007 was 161%. Lastly, there was an increase of 11% from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has risen by 1174%.

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. The median guideline value in this area is Rs 4,400 per sq.ft, making the current value of Thangal 7th Street below that median.

• Thangal 6th Street: Rs 3,300 per sq.ft (2024)
• Thangal 8th Street: Rs 3,300 per sq.ft (2024)
• Thangal 5th Street: Rs 3,300 per sq.ft (2024)
• Thangal 9th Street: Rs 3,300 per sq.ft (2024)
• Thangal 4th Street: Rs 3,300 per sq.ft (2024)
• Thangal 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Thangal 7th 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, charged at 7%, would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration fees would be 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.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thangal 7th Street?

The Thangal 7th Street is covered by 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 plays a crucial role in property transactions in Virugambakkam. It serves as a reference point for the registration of property transactions, ensuring that the property is valued appropriately for tax purposes. When a property is bought or sold, the guideline value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations. The guideline value can influence the overall cost of the transaction, and knowing this value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Thangal 7th Street?

The current guideline value of Thangal 7th 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 1174% over this period.

What are the stamp duty and registration fees for properties in Thangal 7th Street?

The stamp duty is charged at 7% and the registration fee at 2%. For a 1,000 sq.ft plot, the total cost for stamp duty and registration fees would be Rs 2,97,000.

Which office handles property registrations for Thangal 7th Street?

The Virugambakkam Sub Registrar Office handles property registrations for Thangal 7th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that properties are valued appropriately for tax purposes at the time of registration.