Guideline Value for Thirumalai Nagar 1st Street

Thirumalai Nagar 1st Street guideline value

The current guideline value of Thirumalai Nagar 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village under the Selaiyur SRO, and is classified as Residential Class I Type - III.

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

The guideline value for Thirumalai Nagar 1st Street has seen several revisions over the years. The 2007 revision set the value at Rs 700 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, in 2017, the value dropped to Rs 1,675 per sq.ft, before rising again to Rs 2,500 per sq.ft in 2023, and finally reaching Rs 2,700 per sq.ft in the 2024 revision. Notably, the register has no figures for the years 2002 and 2003.

From 2007 to 2012, the guideline value increased by 257%, but then decreased by 33% from 2012 to 2017. From 2017 to 2023, there was a significant increase of 49%, and the latest revision from 2023 to 2024 shows an increase of 8%. Overall, the guideline value has risen by 286% from 2007 to 2024.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO with a guideline value for 2024 ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Thirumalai Nagar 1st Street above this median.

• Thirumalai Nagar 1st Main Road: Rs 2,700 per sq.ft (2024)
• Thirumalai Nagar 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• Thirumalai Nagar 1st Cross Street: Rs 2,700 per sq.ft (2024)
• Thirumalai Nagar 19th Street: Rs 2,700 per sq.ft (2024)
• Thirumalai Nagar 2nd Main Road: Rs 2,700 per sq.ft (2024)
• Thirumalai Nagar 18th Street: Rs 2,700 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 2,700 per sq.ft, the total 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, resulting in a total of Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thirumalai Nagar 1st Street?

The Sub Registrar Office that covers Thirumalai Nagar 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Chembakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions.

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 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 700 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024. The most notable increase occurred from 2017 to 2023, where it rose by 49%.

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

Thirumalai Nagar 1st Street is classified as Residential Class I Type - III, indicating its suitability for residential development.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. This office handles all registration activities for the area.

How do I calculate stamp duty and registration fees for property transactions?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For detailed calculations, you can use the stamp duty and registration fee calculator.