Guideline Value for Thirumalai Nagar 1st Street

Thirumalai Nagar 1st Street guideline value

The current guideline value of Thirumalai Nagar 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Thirumalai Nagar 1st Street has changed

The guideline value for Thirumalai Nagar 1st Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, an increase from Rs 1,675 per sq.ft in 2017, marking a change of +64%. In contrast, the value dropped from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, which is a decrease of -33%. Overall, from 2012 to 2024, the guideline value has increased by +10%.

There are no figures available for the revisions in 2023, 2007, 2003, and 2002 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. The guideline value for Thirumalai Nagar 1st Street is above this median.

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

Stamp duty and registration fee for property in Thirumalai Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thirumalai Nagar 1st Street?

The Thirumalai Nagar 1st Street falls under 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 Madambakkam

The guideline value is a crucial factor in property transactions in Madambakkam, as it determines the minimum value at which a property must be registered. This value is used to calculate the stamp duty and registration fees that buyers must pay when acquiring property.

When selling property, the guideline value helps establish a baseline for negotiations, ensuring that the sale price is in line with government assessments. Buyers and sellers should be aware of the guideline value to make informed decisions during the transaction process.

Frequently asked questions

What is the current guideline value of Thirumalai Nagar 1st Street?

The current guideline value of Thirumalai Nagar 1st 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 2012 to Rs 1,675 per sq.ft in 2017, and then to Rs 2,750 per sq.ft in 2024. This reflects a +10% change overall from 2012 to 2024.

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 calculated based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for Thirumalai Nagar 1st Street?

The Selaiyur Sub Registrar Office handles registrations for Thirumalai Nagar 1st Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification of Thirumalai Nagar 1st Street?

Thirumalai Nagar 1st Street is classified as Commercial Class I Type - I, which influences its guideline value and potential uses.