Guideline Value for Thiru Nagar

Thiru Nagar guideline value

The current guideline value of Thiru Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. Thiru Nagar is located in Kovilambakkam village, under the Pallavaram Sub Registrar Office (SRO). The land classification for this area is Residential Class I Type - I.

How the guideline value of Thiru Nagar has changed

The guideline value of Thiru Nagar has seen several revisions over the years. In 2007, the value was set at Rs 500 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012, marking a 400% rise. However, the value then decreased to Rs 1,675 per sq.ft in 2017, representing a 33% decline. The 2023 revision brought the value up to Rs 2,500 per sq.ft, and the most recent revision in 2024 has set it at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 450%. Notably, there are no figures available for the years 2002 and 2003 for this street in the register.

Guideline values in Kovilambakkam

Kovilambakkam village has 61 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 5,610 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, which is equal to the current value of Thiru Nagar.

• Thiruchudar: Rs 4,070 per sq.ft (2024)
• Thiruvenkandam Nagar: Rs 2,160 per sq.ft (2024)
• Thiruvin Nagar: Rs 4,070 per sq.ft (2024)
• Tranquil Acres: Rs 4,070 per sq.ft (2024)
• Tamilkudimagan Nagar: Rs 2,750 per sq.ft (2024)
• Syndicate Bank Staff Colony: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Thiru Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty, charged at 7%, would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Thiru Nagar?

Thiru Nagar falls under the jurisdiction of the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kovilambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Thiru Nagar?

The current guideline value of Thiru Nagar is Rs 2,750 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 500 per sq.ft in 2007 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 450% during this period.

What are the other streets in Kovilambakkam with similar guideline values?

Other streets in Kovilambakkam include Tamilkudimagan Nagar and Syndicate Bank Staff Colony, both with a guideline value of Rs 2,750 per sq.ft in 2024.

What are the stamp duty and registration fees for a property in Thiru Nagar?

For a 1,000 sq.ft plot, the total guideline value is Rs 27,50,000. The stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles the registration for Thiru Nagar?

The Pallavaram Sub Registrar Office handles the registration for Thiru Nagar, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.