Guideline Value for Tharachand Nagar 1st Street

Tharachand Nagar 1st Street guideline value

The current guideline value of Tharachand Nagar 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 Tharachand Nagar 1st Street has changed

The guideline value for Tharachand Nagar 1st Street has seen several revisions over the years. In 2002, the value was set at Rs 584 per sq.ft. This increased to Rs 647 per sq.ft in 2003, marking an increase of 11%. The value continued to rise, reaching Rs 750 per sq.ft in 2007, which was a 16% increase from the previous year. A significant jump occurred in 2012, where the value was Rs 3,000 per sq.ft, reflecting a 300% increase from 2007. However, the value decreased to Rs 2,010 per sq.ft in 2017, showing a decline of 33%.

From 2017 to 2023, the guideline value rose to Rs 3,000 per sq.ft, an increase of 49%. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, which is a 10% increase from the previous year. The register has no figure for this street for the years not mentioned in the revisions.

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 Tharachand Nagar 1st Street's 2024 figure below that median.

• Tharachand Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Tharachand Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Tharachand Nagar Annex: Rs 3,300 per sq.ft (2024)
• Tharachand Nagar Main Road: Rs 3,300 per sq.ft (2024)
• Thangal Ulvai Street: Rs 2,750 per sq.ft (2024)
• Thangal Ulvai Lane: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Tharachand Nagar 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, charged at 7%, would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Tharachand Nagar 1st Street?

The Sub Registrar Office that covers Tharachand Nagar 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 more information.

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

The guideline value is a crucial factor during the registration of property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers often refer to the guideline value to understand the official pricing framework set by the government.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions, reflecting the value of the real estate in the area.

Frequently asked questions

What is the current guideline value of Tharachand Nagar 1st Street?

The current guideline value of Tharachand Nagar 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 significantly from Rs 584 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 465% over this period.

What are the stamp duty and registration fees for properties in this area?

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

Which Sub Registrar Office covers Tharachand Nagar 1st Street?

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, covers Tharachand Nagar 1st Street.

What is the land classification for Tharachand Nagar 1st Street?

Tharachand Nagar 1st Street is classified as Residential Class IV Type - I, indicating its suitability for residential purposes.