Guideline Value for Thirumagal Nagar 2nd Cross Street

Thirumagal Nagar 2nd Cross Street guideline value

The current guideline value of Thirumagal Nagar 2nd Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Thirumagal Nagar 2nd Cross Street has changed

The guideline value for Thirumagal Nagar 2nd Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which remained unchanged in the 2017 revision, where it dropped to Rs 1,675 per sq.ft. The 2023 revision increased the value to Rs 2,500 per sq.ft, and the most recent 2024 revision raised it further to Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased significantly by 49%. Overall, from 2012 to 2024, the guideline value has risen by 10%. The register does not contain figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value for Thirumagal Nagar 2nd Cross Street is above this median.

• Thirumagal Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Thirumagal Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Thirumagal Nagar: Rs 2,750 per sq.ft (2024)
• Thirumagal Nagar 4th Cross Street: Rs 2,750 per sq.ft (2024)
• Thirumagal Nagar Ist Cross Street: Rs 2,750 per sq.ft (2024)
• Thirumalai Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Thirumagal Nagar 2nd Cross Street

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 at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, resulting in a total of 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.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Thirumagal Nagar 2nd Cross Street?

The Thirumagal Nagar 2nd Cross Street is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the official valuation of the property.

When engaging in a property transaction, it is essential to consider the guideline value, as it may influence the overall costs involved in the registration process. Buyers and sellers should be aware of these values to ensure compliance with local regulations and to avoid any unexpected financial obligations.

Frequently asked questions

What is the current guideline value of Thirumagal Nagar 2nd Cross Street?

The current guideline value of Thirumagal Nagar 2nd Cross Street 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 several times, with the most recent revision in 2024 increasing it to Rs 2,750 per sq.ft. The value was Rs 2,500 per sq.ft in 2023, Rs 1,675 per sq.ft in 2017, and Rs 2,500 per sq.ft in 2012.

What is the land classification for Thirumagal Nagar 2nd Cross Street?

The land classification for Thirumagal Nagar 2nd Cross Street is Residential Class I Type - II, indicating its suitability for residential purposes.

What is the stamp duty rate for properties in Thirumagal Nagar 2nd Cross Street?

The stamp duty rate for properties in Thirumagal Nagar 2nd Cross Street is 7%, which is applied to the higher of the guideline value or the sale price during registration.

Where can I find the Sub Registrar Office for Thirumagal Nagar 2nd Cross Street?

The Sub Registrar Office covering Thirumagal Nagar 2nd Cross Street is the Tambaram Joint 1 SRO, located at No.26, Mes Road, East Tambaram, Chennai-600059.