Guideline Value for Thilak Street

Thilak Street guideline value

The current guideline value of Thilak Street in Madipakkam-1 village, under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of Thilak Street has changed

The guideline value for Thilak Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 further increased the guideline value to Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that have a guideline value for 2024, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Thilak Street's 2024 figure below that median.

• Thilagar Avenue Errikkarai Main Road: Rs 3,300 per sq.ft (2024)
• Thilagar Avenue/Bharath Street: Rs 3,300 per sq.ft (2024)
• Thilagar Avenue,Balaiah Nagar: Rs 3,300 per sq.ft (2024)
• Thilagar Avenue,Balaiah Gardern: Rs 3,850 per sq.ft (2024)
• Thilagar AvenueAndavar Street: Rs 3,300 per sq.ft (2024)
• Thilagar Avenue 9th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Thilak Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 Thilak Street?

The Sub Registrar Office that covers Thilak Street 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 is used as a benchmark for property transactions in Madipakkam-1. When buying or selling property, the guideline value helps determine the stamp duty and registration fees that need to be paid.

It is essential for buyers and sellers to be aware of the guideline value, as it can affect the overall cost of the transaction. The guideline value is updated periodically, reflecting changes in the real estate landscape.

Frequently asked questions

What is the current guideline value of Thilak Street?

The current guideline value of Thilak Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, which is an overall increase of 64%.

What is the stamp duty rate for properties in Thilak Street?

The stamp duty rate for properties in Thilak Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Thilak Street?

The Sub Registrar Office for Thilak Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What are the guideline values of other streets in Madipakkam-1?

Other streets in Madipakkam-1 have varying guideline values, with rates ranging from Rs 1,650 to Rs 5,500 per sq.ft. For example, Thilagar Avenue Errikkarai Main Road has a guideline value of Rs 3,300 per sq.ft.