Guideline Value for Thirupathy Nagar Manivasagar Street

Thirupathy Nagar Manivasagar Street guideline value

The current guideline value of Thirupathy Nagar Manivasagar Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village under the Virugambakkam SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Thirupathy Nagar Manivasagar Street has changed

Over the years, the guideline value for Thirupathy Nagar Manivasagar Street has seen significant changes. The 2007 revision set the value at Rs 650 per sq.ft, which increased dramatically to Rs 3,500 per sq.ft in 2012, marking a rise of 438%. However, it then decreased to Rs 2,345 per sq.ft in 2017, a drop of 33%. The subsequent revisions saw the value rise again to Rs 3,500 per sq.ft in 2023, and most recently, it has increased to Rs 3,850 per sq.ft in 2024, reflecting a 10% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 492%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, which is the same as the current value for Thirupathy Nagar Manivasagar Street.

• Thirupathy Nagar Paranjothi Street: Rs 4,400 per sq.ft (2024)
• Thiruppathi Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Thiruppathi Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Thiruppathi Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Thiruppathi Nagar 5th Street: Rs 3,850 per sq.ft (2024)
• Thiruppathi Nagar 6th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Thirupathy Nagar Manivasagar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total charges to Rs 3,46,500. It is important to note that 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 Thirupathy Nagar Manivasagar Street?

The Thirupathy Nagar Manivasagar Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Valasaravakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property sales through stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. This value is essential for calculating the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Thirupathy Nagar Manivasagar Street?

The current guideline value of Thirupathy Nagar Manivasagar Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has experienced significant changes, increasing from Rs 650 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, which is an overall increase of 492%.

What is the land classification for Thirupathy Nagar Manivasagar Street?

Thirupathy Nagar Manivasagar Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Thirupathy Nagar Manivasagar Street is the Virugambakkam SRO, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Thirupathy Nagar Manivasagar Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 2,69,500.