Guideline Value for Thirumalai Nagar 1st Cross Street

Thirumalai Nagar 1st Cross Street guideline value

The current guideline value of Thirumalai Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

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

The guideline value for Thirumalai Nagar 1st Cross Street has seen significant changes over the years. In 2002, the guideline value was Rs 139 per sq.ft. This increased to Rs 154 per sq.ft in 2003, followed by a substantial rise to Rs 350 per sq.ft in 2007. The value then jumped to Rs 2,000 per sq.ft in 2012, but saw a decrease to Rs 1,340 per sq.ft in 2017. The value was revised to Rs 2,000 per sq.ft in 2023, before reaching the current rate of Rs 2,200 per sq.ft in 2024.

Between the revisions, there have been notable changes. From 2002 to 2003, the increase was +11%. The leap from 2003 to 2007 was +127%, followed by a remarkable +471% increase from 2007 to 2012. The decrease from 2012 to 2017 was -33%, and a significant rise of +49% occurred from 2017 to 2023. The most recent change from 2023 to 2024 reflects a +10% increase. Overall, from 2002 to 2024, the guideline value has increased by +1483%.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is the same as the current value for Thirumalai Nagar 1st Cross Street.

• Thirumalai Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Thirumalai Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Thirumalai Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Thiruvalluvar Colony 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Thiruvalluvar Colony 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Thiruvalluvar Colony 3rd Cross Street: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Thirumalai Nagar 1st Cross Street?

The Thirumalai Nagar 1st Cross Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more details, you can find your SRO.

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

The guideline value is an essential factor when registering property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which a property can be registered and ensures that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official value of the property. This value is crucial for calculating the applicable stamp duty and registration fees, which are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

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

The current guideline value of Thirumalai Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 139 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of +1483% over the years.

What is the land classification for Thirumalai Nagar 1st Cross Street?

The land classification for Thirumalai Nagar 1st Cross Street is Residential Class IV Type - I.

What are the stamp duty and registration fees for property in Thirumalai Nagar 1st Cross Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000, with a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000, totaling Rs 1,98,000.

Which office handles property registration for Thirumalai Nagar 1st Cross Street?

The Virugambakkam Sub Registrar Office handles property registration for Thirumalai Nagar 1st Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.