Guideline Value for Thirumalai Street

Thirumalai Street guideline value

The current guideline value of Thirumalai Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Thirumalai Street has changed

The guideline value for Thirumalai Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,005 per sq.ft, which increased to Rs 1,500 per sq.ft in 2023, marking a 49% rise. The most recent revision in 2024 raised the value further to Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for Thirumalai Street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a guideline value for 2024, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Thirumalai Street's 2024 figure below that median.

• Thirumoolar Street: Rs 3,850 per sq.ft (2024)
• Thirumurgan Street: Rs 1,650 per sq.ft (2024)
• Thirumurugan Nagar: Rs 1,650 per sq.ft (2024)
• Thirumurugan Street,Sakthi Nagar Extension: Rs 2,200 per sq.ft (2024)
• ThiruGnana Sambandam Street/Srinivasa Nagar: Rs 3,850 per sq.ft (2024)
• Thiruganansambandam Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Thirumalai Street

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 cost to Rs 1,48,500. It is important to note that 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 details on fees applicable to your property transaction.

Which Sub Registrar Office covers Thirumalai Street?

The Sub Registrar Office that covers Thirumalai Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during property registration in Madipakkam-1. It serves as the basis for calculating stamp duty and registration fees, which are mandatory when buying or selling property in the area.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, helping to maintain transparency in property dealings. Buyers and sellers must 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 Street?

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

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 1,005 per sq.ft to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 64%.

What is the median guideline value for streets in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, which is higher than the current value of Thirumalai Street.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles the registration of properties in Thirumalai Street?

The Velacheri Sub Registrar Office manages the registration of properties in Thirumalai Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.