Guideline Value for Thilagar Avenue

Thilagar Avenue guideline value

The current guideline value of Thilagar Avenue in Madipakkam-1 village, under the Velacheri SRO, is Rs 3,300 per sq.ft. This value is effective from the 1st of July, 2024. The land classification for this area is Residential Class I Type - II.

How the guideline value of Thilagar Avenue has changed

Over the years, the guideline value of Thilagar Avenue has undergone several revisions. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 3,000 per sq.ft. This value increased by 10% to Rs 3,300 per sq.ft in the 2024 revision, which is the current rate.

To summarize the changes, the guideline value rose from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024. This increase reflects a 10% hike between these two revisions, indicating a notable adjustment in the guideline value for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, positioning Thilagar Avenue's 2024 figure above the median.

• Thilagar Avenue 10th Cross Street: Rs 3,300 per sq.ft (2024)
• Thilagar Avenue 11th Cross Street: Rs 3,300 per sq.ft (2024)
• Thilagar Avenue 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Thilagar Avenue 1st Main Road: Rs 3,300 per sq.ft (2024)
• Thilagar Avenue 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Thilagar Avenue 2nd Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Thilagar Avenue

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, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration fee would be Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Thilagar Avenue?

The Sub Registrar Office that covers Thilagar Avenue is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is essential for calculating the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers must be aware of this value to ensure compliance with local regulations and to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Thilagar Avenue?

The current guideline value of Thilagar Avenue is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much did the guideline value increase from 2023 to 2024?

The guideline value increased by 10% from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024.

What is the land classification for Thilagar Avenue?

The land classification for Thilagar Avenue is Residential Class I Type - II.

Where is the Sub Registrar Office for Thilagar Avenue located?

The Sub Registrar Office for Thilagar Avenue is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated for properties in Thilagar Avenue?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate has a guideline value of Rs 33,00,000, with total fees amounting to Rs 2,97,000.