Guideline Value for Thirumalai Nagar

Thirumalai Nagar guideline value

The current guideline value of Thirumalai Nagar is Rs 3,800 per sq.ft, effective from 1 July 2024. This area is located in Malligaicherry village, under the Konnur SRO, and is classified as Residential Special Type - I.

How the guideline value of Thirumalai Nagar has changed

Over the years, the guideline value for Thirumalai Nagar has seen several revisions. The 2002 revision set the value at Rs 430 per sq.ft, which increased to Rs 470 per sq.ft in 2003. Following this, the value rose significantly to Rs 1,000 per sq.ft in 2007, and then to Rs 3,500 per sq.ft in 2012. However, it dropped to Rs 2,345 per sq.ft in 2017. The 2023 revision brought the value up to Rs 3,500 per sq.ft, and the latest revision in 2024 set it at Rs 3,800 per sq.ft.

The changes between these revisions are notable. From 2002 to 2024, the overall increase is 784%. The jump from Rs 2,345 per sq.ft in 2017 to Rs 3,500 per sq.ft in 2023 marked a 49% increase. The value then rose by 9% from 2023 to 2024. Other revisions include a 250% increase from 2007 to 2012 and a 113% increase from 2003 to 2007. The register has no figures for the years not mentioned.

Guideline values in Malligaicherry

Malligaicherry village has 49 streets under the Konnur SRO with a 2024 guideline value range from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, making Thirumalai Nagar's 2024 figure of Rs 3,800 per sq.ft above the median.

• Thirumalai Complex (Flats): Rs 3,800 per sq.ft (2024)
• Therkku Thirumalai Nagar Third Lane @: Rs 3,800 per sq.ft (2024)
• Therkku Thirumalai Nagar Second Lane: Rs 3,800 per sq.ft (2024)
• Therkku Thirumalai Nagar First Lane: Rs 3,800 per sq.ft (2024)
• Therkku Thirumalai Nagar: Rs 3,800 per sq.ft (2024)
• Thiruveethiamman Koil First Street: Rs 2,200 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 3,800 per sq.ft, the total guideline value is Rs 38,00,000. The stamp duty at 7% amounts to Rs 2,66,000, and the registration fee at 2% is Rs 76,000. The total cost for these fees together is Rs 3,42,000. It is important to note that 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 details.

Which Sub Registrar Office covers Thirumalai Nagar?

The Sub Registrar Office covering Thirumalai Nagar is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property in Malligaicherry. It serves as a benchmark for the minimum value at which properties can be registered, ensuring that the transaction is documented at a fair value.

When buyers and sellers engage in a property transaction, the guideline value helps determine the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the registration process.

Frequently asked questions

What is the current guideline value of Thirumalai Nagar?

The current guideline value of Thirumalai Nagar is Rs 3,800 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 430 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, marking an overall increase of 784%.

What is the land classification for Thirumalai Nagar?

Thirumalai Nagar is classified as Residential Special Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 38,00,000, the stamp duty is Rs 2,66,000, and the registration fee is Rs 76,000, totaling Rs 3,42,000.

Which office handles property registrations for Thirumalai Nagar?

The Konnur Sub Registrar Office handles property registrations for Thirumalai Nagar, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.