Guideline Value for Thillai Nagar

Thillai Nagar guideline value

The current guideline value of Thillai Nagar is Rs 200 per sq.ft, effective from 1 July 2024. This street is located in Somangalam village, under the Sriperumpudur SRO, and is classified as Residential Class III Type - I.

How the guideline value of Thillai Nagar has changed

Looking at the historical revisions, the guideline value for Thillai Nagar has seen several changes over the years. The 2012 revision set the value at Rs 200 per sq.ft, which remained unchanged until the 2023 revision, also at Rs 200 per sq.ft. The next revision in 2024 continues this trend, maintaining the value at Rs 200 per sq.ft, resulting in a 0% change from 2023 to 2024. However, from the 2017 revision of Rs 134 per sq.ft to 2023, there was a significant increase of 49%. In contrast, the value decreased by 33% from the 2012 revision to the 2017 revision.

Overall, comparing the 2012 revision to the 2024 revision, the guideline value has not changed, remaining at Rs 200 per sq.ft. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft. The median value for these streets is Rs 350 per sq.ft, indicating that Thillai Nagar's 2024 guideline value is below this median.

• Thendral Nagar: Rs 500 per sq.ft (2024)
• Thangam Nagar - III Extension: Rs 250 per sq.ft (2024)
• Thangam Nagar-III: Rs 250 per sq.ft (2024)
• Thangam Nagar-II: Rs 250 per sq.ft (2024)
• Thangam Nagar: Rs 300 per sq.ft (2024)
• Thiruvallur Road: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Thillai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value amounts to Rs 2,00,000. The stamp duty is charged at 7%, resulting in Rs 14,000, while the registration fee is 2%, adding Rs 4,000. Therefore, the total fee for registration would be Rs 18,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information on fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thillai Nagar?

The Thillai Nagar area falls under the jurisdiction of the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during property transactions in Somangalam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it influences the amount of stamp duty and registration fees payable at the time of registration.

When a property is sold, the registration office will assess the guideline value to ensure that the transaction is compliant with local regulations. This process helps maintain transparency and fairness in property dealings within the region.

Frequently asked questions

What is the current guideline value of Thillai Nagar?

The current guideline value of Thillai Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 200 per sq.ft from 2012 to 2024, with a significant increase of 49% from Rs 134 per sq.ft in 2017 to 2023.

What is the land classification for Thillai Nagar?

Thillai Nagar is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Thillai Nagar?

The Sub Registrar Office covering Thillai Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 2,00,000 would incur a stamp duty of Rs 14,000 at a rate of 7%.