Guideline Value for Thatchan Street

Thatchan Street guideline value

The current guideline value of Thatchan Street in Madhavaram village, under the Madhavaram SRO, is Rs 1,600 per sq.ft as per the 2024 revision effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Thatchan Street has changed

The guideline value of Thatchan Street has seen several revisions over the years. In 2012, the guideline value was set at Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, there was a significant increase of 49%, raising the value to Rs 1,500 per sq.ft. The most recent revision in 2024 has increased the value further to Rs 1,600 per sq.ft, reflecting a 7% rise from the previous year.

It is important to note that the register has no figures for Thatchan Street for the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which is the same as the current value for Thatchan Street.

• Thattankulam Road ( Ward No.11 ): Rs 1,600 per sq.ft (2024)
• Thapalpetty (Ward-18): Rs 2,200 per sq.ft (2024)
• Thanikachalam Nagar G Block,Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Thanikachalam Nagar G Block,Ponniammanmedu (Ward-21): Rs 2,700 per sq.ft (2024)
• Thanikachalam Nagar F Block,Ponniammanmedu (Ward-24): Rs 2,700 per sq.ft (2024)
• Thanikachalam Nagar F Block Main Road ( Ward No.24 ): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Thatchan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thatchan Street?

The Sub Registrar Office that covers Thatchan Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram. It serves as a benchmark for determining the registration fees and stamp duty payable during the transaction. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the applicable duties and fees. This ensures that all transactions are conducted transparently and that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Thatchan Street?

The current guideline value of Thatchan Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification for Thatchan Street?

Thatchan Street falls under the Residential Class II Type - I land classification.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Thatchan Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.