Guideline Value for Thirumalai Nagar

Thirumalai Nagar guideline value

The current guideline value of Thirumalai Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Chitlapakkam village and falls under the Tambaram Joint 1 SRO. The land classification for this street is Residential Class I Type - III.

How the guideline value of Thirumalai Nagar has changed

The guideline value for Thirumalai Nagar has seen several revisions over the years. The earliest recorded value was Rs 1,500 per sq.ft in 2012. This figure was then revised to Rs 1,005 per sq.ft in 2017, marking a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,500 per sq.ft, a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current value for Thirumalai Nagar.

• Thirumagal Nagar Ist Cross Street: Rs 2,750 per sq.ft (2024)
• Thirumagal Nagar 4th Cross Street: Rs 2,750 per sq.ft (2024)
• Thirumagal Nagar 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Thirumagal Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Thirumagal Nagar 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Thirumagal Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Thirumalai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. 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 our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Thirumalai Nagar?

The Sub Registrar Office covering Thirumalai Nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Chitlapakkam

The guideline value plays a crucial role in the registration process of property transactions in Chitlapakkam. It is the minimum value set by the government, and it is used to calculate the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. The higher of the guideline value and the sale price is considered for the calculation of applicable duties and fees.

Frequently asked questions

What is the current guideline value of Thirumalai Nagar?

The current guideline value of Thirumalai Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Thirumalai Nagar?

The land classification for Thirumalai Nagar is Residential Class I Type - III.

What are the stamp duty and registration fees for property in Thirumalai Nagar?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 16,50,000, the total fees would amount to Rs 1,48,500.

Which office handles registrations for Thirumalai Nagar?

The Tambaram Joint 1 Sub Registrar Office handles registrations for Thirumalai Nagar, located at No.26, Mes Road, East Tambaram, Chennai-600059.