Guideline Value for Thirumal Nagar (Vinayagapuram)

Thirumal Nagar (Vinayagapuram) guideline value

The current guideline value of Thirumal Nagar (Vinayagapuram) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Thirumal Nagar (Vinayagapuram) has changed

The guideline value for Thirumal Nagar (Vinayagapuram) has seen several revisions over the years. In the 2012 revision, the guideline value was Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2024, the value increased significantly to Rs 1,600 per sq.ft, reflecting a rise of 59%. Overall, from 2012 to 2024, the guideline value has increased by 7%.

The register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, which matches the current value of Thirumal Nagar (Vinayagapuram).

• Thirumangalam Nagar (Vinayagapuram): Rs 1,300 per sq.ft (2024)
• Thirumal Nagar: Rs 1,600 per sq.ft (2024)
• Thirumalai Nagar (Ward-29): Rs 2,700 per sq.ft (2024)
• Thirumurugan 1st Street (Ward 10): Rs 1,300 per sq.ft (2024)
• Thirumalai Nagar Sastri Nagar Main Road (Ward No.24): Rs 2,700 per sq.ft (2024)
• Thirumurugan 2nd Street (Ward 10): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Thirumal Nagar (Vinayagapuram)

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Thirumal Nagar (Vinayagapuram)?

The Sub Registrar Office that covers Thirumal Nagar (Vinayagapuram) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, which is critical for both the buyer and seller. It is important to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Thirumal Nagar (Vinayagapuram)?

The current guideline value of Thirumal Nagar (Vinayagapuram) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,600 per sq.ft in 2024. This reflects a decrease of 33% from 2012 to 2017 and an increase of 59% from 2017 to 2024.

What is the land classification of Thirumal Nagar (Vinayagapuram)?

Thirumal Nagar (Vinayagapuram) is classified as Residential Class II Type - I. This classification indicates the type of development permitted in the area.

Where can I find the registration office for Thirumal Nagar (Vinayagapuram)?

The registration office for Thirumal Nagar (Vinayagapuram) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Thirumal Nagar (Vinayagapuram)?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property with a guideline value of Rs 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.