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 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Thirumalai Nagar 2nd Cross Street has changed

The guideline value for Thirumalai Nagar 2nd Cross Street has seen significant changes over the years. In 2002, the value was Rs 139 per sq.ft, which increased to Rs 154 per sq.ft in 2003. The value then rose sharply to Rs 350 per sq.ft in 2007, followed by a substantial jump to Rs 2,000 per sq.ft in 2012. However, it decreased to Rs 1,340 per sq.ft in 2017. The value then increased 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, the changes were as follows: from 2002 to 2003, there was an increase of 11%. The value surged by 127% from 2003 to 2007, followed by a remarkable increase of 471% from 2007 to 2012. The value then dropped by 33% from 2012 to 2017, and increased by 49% from 2017 to 2023. Finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1483%.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with 2024 guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which means that Thirumalai Nagar 2nd Cross Street's 2024 figure is equal to this median.

• Thirumalai Nagar 1st 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 2nd 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 would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

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

The Sub Registrar Office that covers Thirumalai Nagar 2nd Cross Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

When buying or selling property in Nerkundram, the guideline value serves as a benchmark for determining the stamp duty and registration fees. It is essential to note that these fees are calculated based on the higher of the guideline value or the sale price of the property.

During the registration process, the guideline value is referenced to ensure that the transaction is in compliance with the local regulations. This helps maintain transparency and standardization in property transactions within the region.

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 2,200 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 are the stamp duty and registration fees for properties in Thirumalai Nagar 2nd Cross Street?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers this area?

The Virugambakkam Sub Registrar Office covers Thirumalai Nagar 2nd Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

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

Thirumalai Nagar 2nd Cross Street is classified as Residential Class IV Type - I, indicating its suitability for residential development.