Guideline Value for Thoppu Street

Thoppu Street guideline value

The current guideline value of Thoppu Street in Padappai village, under the Padappai SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Thoppu Street has changed

The guideline value of Thoppu Street has undergone several revisions over the years. The earliest recorded value is from 2003, which was Rs 65 per sq.ft. This value increased to Rs 85 per sq.ft in 2007, marking a significant rise of 31%. In 2012, the value jumped to Rs 1,200 per sq.ft, reflecting an increase of 1,312%. However, in 2017, it decreased to Rs 804 per sq.ft, a drop of 33%. The value then rose to Rs 1,200 per sq.ft in 2023, showing an increase of 49%. The most recent revision in 2024 set the value at Rs 1,320 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there is no recorded figure for Thoppu Street in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 1,931%.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 4,000 per sq.ft. The median value among these streets is Rs 830 per sq.ft, placing Thoppu Street's 2024 value above that median.

• Three Star Nagar: Rs 3,300 per sq.ft (2024)
• Thulukanathamman Koil Street: Rs 830 per sq.ft (2024)
• Thiru.Vi.Ka.Nagar: Rs 830 per sq.ft (2024)
• Thiruvalluvar Street: Rs 830 per sq.ft (2024)
• Thiru.Subramani Nagar: Rs 830 per sq.ft (2024)
• Vandalur - Walajabad Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Thoppu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees together to Rs 1,18,800. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thoppu Street?

The Sub Registrar Office that covers Thoppu Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Padappai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Thoppu Street?

The current guideline value of Thoppu Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 65 per sq.ft in 2003 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1,931% over the years.

What are the stamp duty and registration fees for properties in Thoppu Street?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,18,800.

Which office handles property registrations for Thoppu Street?

The Padappai Sub Registrar Office handles property registrations for Thoppu Street, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

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

The guideline value is significant as it determines the minimum value for property registration and is used to calculate stamp duty and registration fees during property transactions.