Guideline Value for Thiruvalluvar Colony Main Road

Thiruvalluvar Colony Main Road guideline value

The current guideline value of Thiruvalluvar Colony Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024. This road is located in Nerkundram village under the Virugambakkam SRO, and it falls under the Residential Class IV Type - I land classification.

How the guideline value of Thiruvalluvar Colony Main Road has changed

The guideline value for Thiruvalluvar Colony Main Road has seen several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 97 per sq.ft. This increased to Rs 107 per sq.ft in 2003, marking a 10% rise. The value then surged significantly to Rs 300 per sq.ft in 2007, reflecting a 180% increase. In 2012, the figure was Rs 2,000 per sq.ft, which was a notable increase of 567%. However, this value decreased to Rs 1,340 per sq.ft in 2017, a decline of 33%. The 2023 revision set the value at Rs 2,000 per sq.ft, and the most recent revision in 2024 has increased it to Rs 2,200 per sq.ft, which is a 10% rise from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 2,168%. The register has no figures for the years not listed in this summary.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Thiruvalluvar Colony Main Road.

• Thiruvalluvar Colony Extension: Rs 2,200 per sq.ft (2024)
• Thiruvalluvar Colony 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Thiruvalluvar Colony 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Thiruvalluvar Colony 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Thiruvalluvar Colony 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Thirumalai Nagar Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Thiruvalluvar Colony Main Road

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Thiruvalluvar Colony Main Road?

The Sub Registrar Office that covers Thiruvalluvar Colony Main Road is 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 Nerkundram

The guideline value is a critical factor in property transactions in Nerkundram. It is used to determine the stamp duty and registration fees applicable when buying or selling property. The guideline value ensures that the transaction is recorded at a fair value, which is essential for tax purposes.

When a property is registered, the higher of the guideline value or the sale price is considered for calculating the duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Thiruvalluvar Colony Main Road?

The current guideline value of Thiruvalluvar Colony Main Road is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 97 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting a total increase of 2,168% over this period.

What are the other streets in Nerkundram with the same guideline value?

Other streets in Nerkundram with a guideline value of Rs 2,200 per sq.ft include Thiruvalluvar Colony Extension, Thiruvalluvar Colony 4th Cross Street, Thiruvalluvar Colony 3rd Cross Street, Thiruvalluvar Colony 2nd Cross Street, and Thirumalai Nagar Main Road.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties in Thiruvalluvar Colony Main Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.