Guideline Value for Thirumurugan Nagar

Thirumurugan Nagar guideline value

The current guideline value of Thirumurugan Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village and falls under the Sembiam SRO. The land classification for this locality is Residential Class II Type - I.

How the guideline value of Thirumurugan Nagar has changed

The guideline value for Thirumurugan Nagar has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 262 per sq.ft. This increased to Rs 285 per sq.ft in 2003, marking a rise of 9%. Following this, the value surged significantly to Rs 1,000 per sq.ft in 2007, reflecting a substantial increase of 251%. In 2012, the value was revised to Rs 2,500 per sq.ft, which was a 150% increase from the previous figure. However, in 2017, the guideline value dropped to Rs 1,675 per sq.ft, a decrease of 33%. The most recent revision in 2024 set the value at Rs 2,700 per sq.ft, representing an increase of 61% from 2017. It is important to note that there is no figure for this street in the 2023 revision.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a guideline value for 2024, ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. Thirumurugan Nagar's 2024 guideline value is below this median.

• Thirumeny Nagar: Rs 2,700 per sq.ft (2024)
• Thirupathy Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Thirupathy Nagar 1st Cross Street Extension: Rs 3,300 per sq.ft (2024)
• Thirupathy Nagar 1st Main Road: Rs 4,400 per sq.ft (2024)
• Thirupathy Nagar 1st Street: Rs 4,400 per sq.ft (2024)
• Thirupathy Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Thirumurugan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thirumurugan Nagar?

The Sub Registrar Office that covers Thirumurugan Nagar is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kolathur, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration process will be based on the guideline value or the agreed sale price, whichever is higher.

When registering a property, the guideline value ensures that the transaction is transparent and reflects the market conditions. It also plays a role in calculating the stamp duty and registration fees, which are essential costs associated with property transactions.

Frequently asked questions

What is the current guideline value of Thirumurugan Nagar?

The current guideline value of Thirumurugan Nagar is Rs 2,700 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 262 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 931% over the years.

What is the land classification for Thirumurugan Nagar?

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

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles property registrations for the area.

How is stamp duty calculated for properties in Thirumurugan Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 27,00,000, the stamp duty at 7% would be Rs 1,89,000.