Guideline Value for Thirumurugan Nagar (Ward-10)

Thirumurugan Nagar (Ward-10) guideline value

The current guideline value for Thirumurugan Nagar (Ward-10) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of Thirumurugan Nagar (Ward-10) has changed

The guideline value for Thirumurugan Nagar has seen several revisions over the years. In 2012, the guideline value was set at Rs 1,200 per sq.ft. This figure decreased to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. However, the latest revision in 2024 has increased the guideline value to Rs 1,300 per sq.ft, which is a significant rise of 62% from the 2017 figure.

Overall, when comparing the 2012 revision to the current 2024 value, there has been a slight increase of 8%. It is important to note that there are no figures available for the revisions in 2023, 2007, 2003, and 2002 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Thirumurugan Nagar (Ward-10) is below this median.

• Thirumurugan Nagar Road (Ward No.10): Rs 1,300 per sq.ft (2024)
• Thirumurugan Nagar: Rs 1,300 per sq.ft (2024)
• Thirumurugan 2nd Street (Ward 10): Rs 1,300 per sq.ft (2024)
• Thirumurugan 1st Street (Ward 10): Rs 1,300 per sq.ft (2024)
• Thirumangalam Nagar (Vinayagapuram): Rs 1,300 per sq.ft (2024)
• Thirumal Nagar (Vinayagapuram): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Thirumurugan Nagar (Ward-10)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, making the total cost Rs 1,17,000. 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 detailed calculations.

Which Sub Registrar Office covers Thirumurugan Nagar (Ward-10)?

The Sub Registrar Office that covers Thirumurugan Nagar (Ward-10) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a buyer or seller approaches the registration office, the guideline value is used to calculate the total fees based on the property size and location. This ensures that the transaction is recorded in accordance with the established rates set by the government.

Frequently asked questions

What is the current guideline value of Thirumurugan Nagar (Ward-10)?

The current guideline value of Thirumurugan Nagar (Ward-10) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions: it was Rs 1,200 per sq.ft in 2012, Rs 804 per sq.ft in 2017, and is now Rs 1,300 per sq.ft in 2024. This represents a 62% increase from 2017 to 2024.

What is the land classification for Thirumurugan Nagar?

Thirumurugan Nagar is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in Thirumurugan Nagar?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 1,17,000.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles registrations for properties in the area.