Guideline Value for Thirumalai Nagar

Thirumalai Nagar guideline value

The current guideline value of Thirumalai Nagar, located in Madambakkam village under the Selaiyur SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Commercial Class I Type - I land classification.

How the guideline value of Thirumalai Nagar has changed

The guideline value for Thirumalai Nagar has seen several revisions over the years. In 2012, the guideline value was set at Rs 2,500 per sq.ft. This figure decreased to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. However, the most recent revision in 2024 has increased the guideline value to Rs 2,750 per sq.ft, representing a significant increase of 64% from the 2017 figure.

Overall, comparing the 2012 and 2024 figures, there has been a slight increase of 10%. It is important to note that there are no figures available in the register for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 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's 2024 figure above this median.

• Thirumalai Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• Thirumalai Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Thirumalai Nagar 2nd Cross 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 3rd Street: 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thirumalai Nagar?

The Sub Registrar Office that covers Thirumalai Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, 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, as it determines the minimum value at which a property can be registered. When buying or selling property, this value is used to calculate the stamp duty and registration fees, which are necessary for the legal transfer of ownership.

Additionally, the guideline value serves as a reference point for both buyers and sellers, ensuring that the property is priced according to the established rates in the area. It is essential for all parties involved to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Thirumalai Nagar?

The current guideline value of Thirumalai Nagar 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, and then increased to Rs 2,750 per sq.ft in 2024. This represents a decline of 33% from 2012 to 2017 and an increase of 64% from 2017 to 2024.

What is the land classification of Thirumalai Nagar?

Thirumalai Nagar falls under the Commercial Class I Type - I land classification, indicating its suitability for commercial activities.

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, Chengalpattu registration zone.

How is stamp duty calculated in Thirumalai Nagar?

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