Guideline Value for Thirumalai Nagar 2nd Street

Thirumalai Nagar 2nd Street guideline value

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

Over the years, the guideline value for Thirumalai Nagar 2nd Street has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. However, the value increased significantly to Rs 2,500 per sq.ft in the 2023 revision and further rose to Rs 2,750 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2024, the overall change in the guideline value is an increase of 10%. The most notable change was between 2017 and 2023, where the value jumped by 49%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are a total of 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, placing Thirumalai Nagar 2nd Street's 2024 figure above this median.

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

Stamp duty and registration fee for property in Thirumalai Nagar 2nd 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, leading to a total of 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 more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thirumalai Nagar 2nd Street?

The Thirumalai Nagar 2nd 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 details.

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

When buying or selling property in Madambakkam, the guideline value plays a crucial role in determining the stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the guideline value as it directly influences the overall cost of the transaction. Understanding these values can help individuals make informed decisions during property dealings.

Frequently asked questions

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

The current guideline value of Thirumalai Nagar 2nd 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, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the median guideline value for streets in Madambakkam?

The median guideline value for the 1,151 streets in Madambakkam is Rs 2,400 per sq.ft, which is below the current value of Thirumalai Nagar 2nd Street.

What are the stamp duty and registration fees for a property in Thirumalai Nagar 2nd Street?

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.

Which office handles registrations for Thirumalai Nagar 2nd Street?

The Selaiyur Sub Registrar Office handles registrations for Thirumalai Nagar 2nd Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.