Guideline Value for Thoiba Garden

Thoiba Garden guideline value

The current guideline value of Thoiba Garden, located in Somangalam village under the Sriperumpudur SRO, is Rs 250 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Thoiba Garden has changed

Over the years, the guideline value for Thoiba Garden has seen several revisions. The earliest recorded figure is from 2007, where the value was Rs 50 per sq.ft. This increased significantly to Rs 250 per sq.ft in 2012, marking a 400% rise. However, in 2017, the value decreased to Rs 167 per sq.ft, a reduction of 33%. The guideline value then rose to Rs 250 per sq.ft in 2023, remaining unchanged in the 2024 revision.

From 2017 to 2023, there was a 50% increase, but the value has not changed from 2023 to 2024, maintaining a consistent rate of Rs 250 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Somangalam

In Somangalam, there are 86 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft. The median value for these streets is Rs 350 per sq.ft, indicating that Thoiba Garden's 2024 figure is below this median.

• Thoiba Garden I: Rs 250 per sq.ft (2024)
• Thoiba Garden - II: Rs 250 per sq.ft (2024)
• Thiruvallur Road: Rs 200 per sq.ft (2024)
• Thillai Nagar: Rs 200 per sq.ft (2024)
• Vanavil Shiva Garden: Rs 400 per sq.ft (2024)
• Thendral Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Thoiba Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value amounts to Rs 2,50,000. The stamp duty, charged at 7%, would be Rs 17,500, while the registration fee at 2% would be Rs 5,000. Together, the total cost for these fees would be Rs 22,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thoiba Garden?

The Thoiba Garden area falls under the jurisdiction of the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Somangalam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is used to ensure that the transaction is registered at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline value to ensure compliance with the registration requirements.

Frequently asked questions

What is the current guideline value of Thoiba Garden?

The current guideline value of Thoiba Garden is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 250 per sq.ft in 2012, decreased to Rs 167 per sq.ft in 2017, and remained at Rs 250 per sq.ft in both 2023 and 2024.

What is the median guideline value in Somangalam?

The median guideline value in Somangalam is Rs 350 per sq.ft, with Thoiba Garden's value being below this median at Rs 250 per sq.ft.

What are the stamp duty and registration fees for Thoiba Garden?

For a property valued at Rs 2,50,000, the stamp duty would be Rs 17,500 and the registration fee would be Rs 5,000, totaling Rs 22,500.

Where is the Sub Registrar Office for Thoiba Garden located?

The Sub Registrar Office covering Thoiba Garden is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.