Guideline Value for Thirumagal Nagar Ist Cross Street

Thirumagal Nagar Ist Cross Street guideline value

The current guideline value of Thirumagal Nagar Ist Cross Street is Rs 2,750 per sq.ft. 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 Ist Cross Street has changed

The guideline value for Thirumagal Nagar Ist Cross Street has undergone several revisions over the years. The oldest recorded revision is from 2012, where the guideline value was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in 2017, before rising again to Rs 2,500 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

In summary, the changes between revisions are notable. From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no 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 carrying a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, placing Thirumagal Nagar Ist Cross Street above this median.

• Thirumagal Nagar 4th Cross Street: Rs 2,750 per sq.ft (2024)
• Thirumagal Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Thirumagal Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Thirumagal Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Thirumagal Nagar: 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 Ist 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, bringing the total charges 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 Thirumagal Nagar Ist Cross Street?

The Thirumagal Nagar Ist 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 details.

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 calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the sale price or the guideline value, whichever is higher, will determine the applicable stamp duty. This means that buyers should be aware of the guideline value to accurately estimate their total costs during the transaction.

Frequently asked questions

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

The current guideline value of Thirumagal Nagar Ist 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 from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, marking a 10% increase. It was Rs 1,675 per sq.ft in 2017 and Rs 2,500 per sq.ft in 2012.

What are the stamp duty and registration fees for properties in this area?

For a property valued at 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. These fees are based on the higher of the guideline value or sale price.

Which Sub Registrar Office covers Thirumagal Nagar Ist Cross Street?

The Tambaram Joint 1 Sub Registrar Office covers Thirumagal Nagar Ist Cross Street. It is located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the land classification for Thirumagal Nagar Ist Cross Street?

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