Guideline Value for Thiruvalluvar salai

Thiruvalluvar salai guideline value

The current guideline value of Thiruvalluvar salai is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Thiruvalluvar salai has changed

The guideline value for Thiruvalluvar salai has undergone several revisions over the years. The 2017 revision set the value at Rs 1,005 per sq.ft, which increased to Rs 1,500 per sq.ft in the 2023 revision. The most recent revision in 2024 has raised the guideline value to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, from 2017 to 2024, the guideline value has risen by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for this area is Rs 2,750 per sq.ft, indicating that the guideline value for Thiruvalluvar salai is below this median.

• Thiruvalluvar Street (Ayyan): Rs 2,200 per sq.ft (2024)
• Thiruvalluvar Street Extn (Ayyan): Rs 2,200 per sq.ft (2024)
• Thirupukazh Street: Rs 3,850 per sq.ft (2024)
• Tholkappiar Avenue: Rs 1,650 per sq.ft (2024)
• Thirumurugan Street, Sakthi Nagar Extension: Rs 2,200 per sq.ft (2024)
• Thirumurugan Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Thiruvalluvar salai

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost together to Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Thiruvalluvar salai?

The Sub Registrar Office that covers Thiruvalluvar salai is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a critical factor in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees payable, ensuring that the transaction is officially recorded at a value recognized by the government.

When a property is sold, the guideline value helps in calculating the applicable taxes based on the property’s value. Buyers and sellers must be aware of these values to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Thiruvalluvar salai?

The current guideline value of Thiruvalluvar salai is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,005 per sq.ft in 2017 to Rs 1,650 per sq.ft in 2024, reflecting a total increase of 64% over this period.

What is the land classification for Thiruvalluvar salai?

The land classification for Thiruvalluvar salai is Residential Class II Type - II, indicating its use for residential purposes.

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

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Where is the Sub Registrar Office located for transactions involving Thiruvalluvar salai?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, and it covers transactions for Thiruvalluvar salai.