Guideline Value for Thiru.Vi.Ka.Nagar

Thiru.Vi.Ka.Nagar guideline value

The current guideline value of Thiru.Vi.Ka.Nagar is Rs 830 per sq.ft, effective from 1 July 2024. This area is located in Padappai village, under the Padappai SRO, and is classified as Residential Class III Type - I.

How the guideline value of Thiru.Vi.Ka.Nagar has changed

The guideline value for Thiru.Vi.Ka.Nagar has seen several revisions over the years. In 2007, the guideline value was Rs 50 per sq.ft. This increased significantly to Rs 750 per sq.ft in 2012, marking a rise of 1400%. However, in 2017, the value dropped to Rs 502 per sq.ft, a decrease of 33%. The value then increased to Rs 750 per sq.ft in 2023, followed by another rise to Rs 830 per sq.ft in 2024, which is an increase of 11%. The register has no figure for this street in 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 1560%, reflecting the changes in the area's valuation over time. The 2024 figure of Rs 830 per sq.ft is equal to the median guideline value of Rs 830 per sq.ft for the 146 streets in Padappai under the Padappai SRO.

Guideline values in Padappai

In Padappai, the guideline values for various streets range from Rs 440 to Rs 4,000 per sq.ft. The 2024 guideline value for Thiru.Vi.Ka.Nagar is Rs 830 per sq.ft, which aligns with the median value for the area.

• Thoppu Street: Rs 1,320 per sq.ft (2024)
• Three Star Nagar: Rs 3,300 per sq.ft (2024)
• Thiruvalluvar Street: Rs 830 per sq.ft (2024)
• Thulukanathamman Koil Street: Rs 830 per sq.ft (2024)
• Thiru.Subramani Nagar: Rs 830 per sq.ft (2024)
• Thavan Nagar: Rs 830 per sq.ft (2024)

Stamp duty and registration fee for property in Thiru.Vi.Ka.Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 830 per sq.ft, the total guideline value amounts to Rs 8,30,000. The stamp duty at 7% would be Rs 58,100, and the registration fee at 2% would be Rs 16,600, resulting in a total of Rs 74,700. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Thiru.Vi.Ka.Nagar?

The Sub Registrar Office that covers Thiru.Vi.Ka.Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for additional information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Padappai. It serves as a reference point for determining the stamp duty and registration fees applicable to the transaction. Buyers must be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

During the registration process, the guideline value ensures transparency and consistency in property transactions. It helps in standardizing the valuation of properties across different areas, making it easier for buyers and sellers to understand the costs involved in the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Thiru.Vi.Ka.Nagar?

The current guideline value of Thiru.Vi.Ka.Nagar is Rs 830 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 50 per sq.ft in 2007 to Rs 830 per sq.ft in 2024, which is an overall increase of 1560%.

What is the registration fee for property in Thiru.Vi.Ka.Nagar?

The registration fee is calculated at 2% of the guideline value. For a property valued at Rs 8,30,000, the registration fee would be Rs 16,600.

Which office handles property registration in Thiru.Vi.Ka.Nagar?

The Padappai Sub Registrar Office handles property registration for Thiru.Vi.Ka.Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the significance of the guideline value in property transactions?

The guideline value is essential as it determines the stamp duty and registration fees during property transactions. It provides a standardized reference for property valuation, ensuring transparency in the buying and selling process.