Guideline Value for Thirumalai Nagar

Thirumalai Nagar guideline value

The current guideline value of Thirumalai Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Puzhal village, under the Redhills SRO, and is classified as Residential Class II Type - I.

How the guideline value of Thirumalai Nagar has changed

The guideline value for Thirumalai Nagar has undergone several revisions over the years. The earliest recorded figure is from 2007, which was Rs 300 per sq.ft. This increased to Rs 800 per sq.ft in 2012, marking a significant rise of 167%. However, the value then decreased to Rs 536 per sq.ft in 2017, a drop of 33%. Following this, the value surged to Rs 1,000 per sq.ft in 2023, reflecting an increase of 87%. The most recent revision in 2024 has set the guideline value at Rs 1,100 per sq.ft, an increase of 10% from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 267%.

Guideline values in Puzhal

Puzhal village has a total of 270 streets under the Redhills SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 1,102 per sq.ft, placing Thirumalai Nagar's 2024 figure below this median.

• Thirumal Nagar: Rs 1,100 per sq.ft (2024)
• Thiruneelaganda Nagar: Rs 1,650 per sq.ft (2024)
• Thiruneelaganda Nagar 1st Part: Rs 1,650 per sq.ft (2024)
• Thiruneelaganda Nagar 3rd Part: Rs 1,650 per sq.ft (2024)
• Thiruneelaganda Nagar IInd Part: Rs 1,650 per sq.ft (2024)
• Thiruppur Kumaran Street: Rs 1,100 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 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, making the total cost Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information on fees.

Which Sub Registrar Office covers Thirumalai Nagar?

The Sub Registrar Office that covers Thirumalai Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Puzhal. It determines the minimum value at which a property can be registered, affecting the stamp duty and registration fees payable.

When a buyer or seller engages in a transaction, the guideline value serves as a baseline for calculating these fees. It ensures that the registration reflects an accurate value for tax purposes, facilitating a transparent process in property transactions.

Frequently asked questions

What is the current guideline value of Thirumalai Nagar?

The current guideline value of Thirumalai Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 300 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 267% over this period.

What is the registration office for Thirumalai Nagar?

The registration office for Thirumalai Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same value.

What are the other streets in Puzhal with guideline values?

Other streets in Puzhal include Thirumal Nagar and Thiruneelaganda Nagar, among others, each with varying guideline values ranging from Rs 1,100 to Rs 1,650 per sq.ft.