Guideline Value for Thirumalai Nagar (Ward-29)

Thirumalai Nagar (Ward-29) guideline value

The current guideline value of Thirumalai Nagar (Ward-29) is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is part of Madhavaram village under the Madhavaram SRO, classified as Residential Special Type - I.

How the guideline value of Thirumalai Nagar (Ward-29) has changed

The guideline value of Thirumalai Nagar has seen several revisions over the years. In 2012, the guideline value was set at Rs 2,500 per sq.ft. It then decreased to Rs 1,675 per sq.ft in the 2017 revision. The most recent revision in 2024 saw an increase to Rs 2,700 per sq.ft, marking a significant change of +61% from the 2017 figure.

Between the 2012 and 2017 revisions, the guideline value decreased by -33%. Overall, from 2012 to 2024, there has been a slight increase of +8%. There are no figures available for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Thirumalai Nagar's 2024 figure of Rs 2,700 per sq.ft is above this median.

• Thirumalai Nagar Sastri Nagar Main Road: Rs 2,700 per sq.ft (2024)
• Thirumalai Nagar, Ponniammanmedu: Rs 2,700 per sq.ft (2024)
• Thirumalai Nagar Main Road: Rs 2,700 per sq.ft (2024)
• Thirumalai Nagar Extn, Ponniammanmedu: Rs 2,700 per sq.ft (2024)
• Thirumalai Nagar extension Road: Rs 2,700 per sq.ft (2024)
• Thirumalai Nagar Extension-II: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Thirumalai Nagar (Ward-29)

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total cost Rs 2,43,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Thirumalai Nagar (Ward-29)?

The Sub Registrar Office that covers Thirumalai Nagar (Ward-29) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is an important factor during property transactions in Madhavaram. It serves as a benchmark for determining the minimum price at which property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the financial implications of the transaction, including the costs associated with registration. Buyers should be aware of the guideline value to avoid underreporting the sale price, which can lead to penalties.

Frequently asked questions

What is the current guideline value of Thirumalai Nagar (Ward-29)?

The current guideline value of Thirumalai Nagar (Ward-29) is Rs 2,700 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 2012 to Rs 1,675 per sq.ft in 2017, and then increased to Rs 2,700 per sq.ft in 2024. There are no figures available for the years 2023, 2007, 2003, and 2002 for this street.

What is the land classification of Thirumalai Nagar?

Thirumalai Nagar is classified as Residential Special Type - I under the Madhavaram SRO.

What are the stamp duty and registration fees for property transactions?

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total stamp duty and registration fees would amount to Rs 2,43,000. This includes a stamp duty of Rs 1,89,000 and a registration fee of Rs 54,000.

Where is the Sub Registrar Office for Thirumalai Nagar located?

The Sub Registrar Office covering Thirumalai Nagar is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.