Guideline Value for Thangal 8th Street

Thangal 8th Street guideline value

The current guideline value of Thangal 8th 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 8th Street has changed

The guideline value for Thangal 8th Street has undergone several revisions over the years. In 2002, the value was Rs 259 per sq.ft. This increased to Rs 287 per sq.ft in 2003, marking an increase of 11%. The value saw a significant rise to Rs 750 per sq.ft in 2007, which is an increase of 161%. The following revision in 2012 saw a decrease to Rs 3,000 per sq.ft, a drop of 300% from the previous figure. In 2017, the value rose again to Rs 2,010 per sq.ft, which was a 49% increase. The most recent revisions in 2023 and 2024 show an increase from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1,174%. The register has no figures for the years not mentioned in the revisions above.

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, placing Thangal 8th Street's 2024 figure below that median.

• Thangal 7th Street: Rs 3,300 per sq.ft (2024)
• Thangal 9th Street: Rs 3,300 per sq.ft (2024)
• Thangal 6th Street: Rs 3,300 per sq.ft (2024)
• Thangal 5th Street: Rs 3,300 per sq.ft (2024)
• Thangal 4th Street: Rs 3,300 per sq.ft (2024)
• Thangal Erikkarai Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Thangal 8th 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 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 8th Street?

The Sub Registrar Office that covers Thangal 8th 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 crucial factor in property transactions in Virugambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the transaction adheres to the legal framework established by the local authorities.

Frequently asked questions

What is the current guideline value of Thangal 8th Street?

The current guideline value of Thangal 8th 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, with the most recent increase from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 1,174%.

What is the land classification for Thangal 8th Street?

The land classification for Thangal 8th Street is Residential Class IV Type - I.

Where can I find the Sub Registrar Office for Thangal 8th Street?

The Sub Registrar Office for Thangal 8th Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in Thangal 8th Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty at 7% would be Rs 2,31,000.