Guideline Value for Thiruvalluvar Nagar Phase-2

Thiruvalluvar Nagar Phase-2 guideline value

The current guideline value of Thiruvalluvar Nagar Phase-2 is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Thiruvalluvar Nagar Phase-2 has changed

The guideline value for Thiruvalluvar Nagar Phase-2 has undergone several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 1,600 per sq.ft, which is an increase of 7% from the 2023 revision of Rs 1,500 per sq.ft. Prior to that, the 2012 revision also recorded a guideline value of Rs 1,500 per sq.ft, indicating no change from 2012 to 2023. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. This reflects the current valuation trends in the area, with the 2024 figure aligning with the median guideline value of Rs 1,600 per sq.ft for other streets in Madhavaram under the Madhavaram SRO.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, which matches the current value for Thiruvalluvar Nagar Phase-2.

• Thiruvalluvar Nagar Street (Ward No.5): Rs 1,600 per sq.ft (2024)
• Thiruvalluvar Nagar (Ward-05): Rs 1,600 per sq.ft (2024)
• Thiruvalluvar St, Lakshmipuram (Ward-25): Rs 1,600 per sq.ft (2024)
• Thiruvalluvar Street: Rs 1,600 per sq.ft (2024)
• Thiruvalluvar Street (Ward-25): Rs 1,600 per sq.ft (2024)
• Thiruvalluvar St (Ward No.13): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Thiruvalluvar Nagar Phase-2

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. 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 Nagar Phase-2?

The Sub Registrar Office covering Thiruvalluvar Nagar Phase-2 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 a crucial factor during property transactions in Madhavaram, as it determines the minimum value at which a property can be registered. Buyers and sellers must be aware of the guideline value to ensure proper compliance with registration norms and to calculate applicable duties.

When a property is sold, the guideline value serves as a benchmark for calculating stamp duty and registration fees. It is essential to note that these charges are based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Thiruvalluvar Nagar Phase-2?

The current guideline value of Thiruvalluvar Nagar Phase-2 is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,500 per sq.ft in 2023 to Rs 1,600 per sq.ft in 2024, marking a 7% increase. The value remained unchanged at Rs 1,500 per sq.ft from 2012 to 2023.

What are the stamp duty and registration fees for properties in this area?

For a 1,000 sq.ft plot at Rs 1,600 per sq.ft, the total guideline value is Rs 16,00,000. The stamp duty would be Rs 1,12,000, and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which office handles property registrations in Madhavaram?

The Madhavaram Sub Registrar Office handles property registrations for Thiruvalluvar Nagar Phase-2, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value for properties and is essential for calculating stamp duty and registration fees. It ensures compliance with legal requirements during property transactions.