Guideline Value for Thirumalai Nagar 2nd Cross Street

Thirumalai Nagar 2nd Cross Street guideline value

The current guideline value of Thirumalai Nagar 2nd Cross 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 2nd Cross Street has changed

The guideline value for Thirumalai Nagar 2nd Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was a decrease of 33% from the previous revision in 2017, which had established the value at Rs 1,675 per sq.ft. The 2023 revision increased the value to Rs 2,500 per sq.ft, and the latest 2024 revision has raised it to Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this area is Rs 2,400 per sq.ft, making the current value for Thirumalai Nagar 2nd Cross Street above the median.

• Thirumalai Nagar 1st 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 1st 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 2nd Cross 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, bringing the total to Rs 2,47,500. 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 the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thirumalai Nagar 2nd Cross Street?

The Thirumalai Nagar 2nd Cross 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. It serves as the minimum value on which stamp duty and registration fees are calculated during the registration of property transactions. Buyers and sellers must be aware of this value to ensure compliance with the legal requirements during property transactions.

When a property is sold, the guideline value helps determine the official value of the property for taxation purposes. This ensures that the government receives the appropriate revenue from property transactions, reflecting the current market conditions as per the established guidelines.

Frequently asked questions

What is the current guideline value of Thirumalai Nagar 2nd Cross Street?

The current guideline value of Thirumalai Nagar 2nd Cross 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 2023 to Rs 2,750 per sq.ft in 2024, an increase of 10%. From 2017 to 2023, it rose by 49% from Rs 1,675 per sq.ft to Rs 2,500 per sq.ft.

What is the land classification of Thirumalai Nagar 2nd Cross Street?

Thirumalai Nagar 2nd Cross Street is classified as Commercial Class I Type - I. This classification indicates the nature of land use permissible in this area.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in Thirumalai Nagar 2nd Cross Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500.