Guideline Value for Thirumagal Nagar

Thirumagal Nagar guideline value

The current guideline value of Thirumagal Nagar, located in Rajakilpakkam village under the Selaiyur SRO, is Rs 2,150 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Thirumagal Nagar has changed

Over the years, the guideline value of Thirumagal Nagar has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and finally, it has been revised to Rs 2,150 per sq.ft in 2024. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, there was a decrease of 33%, but the value rebounded with an increase of 49% from 2017 to 2023. The overall change from 2012 to 2024 is an increase of 8%.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 5,000 per sq.ft. The median value is Rs 2,150 per sq.ft, which is equal to the current guideline value of Thirumagal Nagar.

• Thirumagal Nagar Main Road: Rs 2,150 per sq.ft (2024)
• Thiruvalluvar Street: Rs 2,400 per sq.ft (2024)
• Tellus Avenue Phase II Extension: Rs 2,700 per sq.ft (2024)
• Tellus Avenue Phase II: Rs 2,700 per sq.ft (2024)
• Tellus Avenue Phase I: Rs 4,000 per sq.ft (2024)
• Tellus Avenue: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Thirumagal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,150 per sq.ft, the total guideline value is Rs 21,50,000. The stamp duty at 7% amounts to Rs 1,50,500, while the registration fee at 2% is Rs 43,000, bringing the total to Rs 1,93,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use this stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Thirumagal Nagar?

The Sub Registrar Office that covers Thirumagal Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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 Rajakilpakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Rajakilpakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers must pay stamp duty and registration fees based on this value, ensuring that the transaction is officially recorded.

When a property is sold, the guideline value helps in assessing the financial implications of the transaction. It ensures that all parties are aware of the legal and financial responsibilities associated with the sale, providing a transparent framework for property transactions.

Frequently asked questions

What is the current guideline value of Thirumagal Nagar?

The current guideline value of Thirumagal Nagar is Rs 2,150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,150 per sq.ft in 2024.

What are the other streets in Rajakilpakkam and their guideline values?

Other streets in Rajakilpakkam include Thirumagal Nagar Main Road at Rs 2,150 per sq.ft, Thiruvalluvar Street at Rs 2,400 per sq.ft, and several others with varying values.

What is the stamp duty rate for property in Thirumagal Nagar?

The stamp duty rate for property in Thirumagal Nagar is 7% of the guideline value or sale price, whichever is higher.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.