Guideline Value for Tilak Street

Tilak Street guideline value

The current guideline value of Tilak Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mugappair village, under the Konnur Sub Registrar Office (SRO). The land classification for this area is Residential Special Type - I.

How the guideline value of Tilak Street has changed

Over the years, the guideline value of Tilak Street has seen significant changes. In the 2007 revision, the guideline value was Rs 2,000 per sq.ft. This increased to Rs 6,500 per sq.ft in the 2012 revision, marking a substantial rise of 225%. However, in the 2017 revision, the value dropped to Rs 4,355 per sq.ft, a decrease of 33%. The value then rose again to Rs 6,500 per sq.ft in the 2023 revision, followed by the current value of Rs 7,100 per sq.ft in the 2024 revision, reflecting a 9% increase.

From 2017 to 2023, there was a notable increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 255%. It is important to note that there are no figures available for Tilak Street in the 2002 and 2003 revisions.

Guideline values in Mugappair

In Mugappair, there are 224 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 7,100 per sq.ft, which is equal to the current value of Tilak Street.

• T.M.P. Nagar Anna Street: Rs 5,500 per sq.ft (2024)
• T.M.P. Nagar Appar Street: Rs 3,800 per sq.ft (2024)
• T.M.P. Nagar Arunagirinathar Street: Rs 3,800 per sq.ft (2024)
• T.M.P. Nagar Avvai Street: Rs 3,800 per sq.ft (2024)
• T.M.P. Nagar Bharadhidasan Street: Rs 3,800 per sq.ft (2024)
• T.M.P. Nagar Chruch Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Tilak Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Tilak Street?

Tilak Street falls under the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions within Mugappair. It serves as the basis for calculating stamp duty and registration fees when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

When registering a property, the guideline value must be considered, as it determines the financial obligations related to stamp duty and registration fees. It is essential for both buyers and sellers to understand how this value impacts their transaction to avoid any legal complications.

Frequently asked questions

What is the current guideline value of Tilak Street?

The current guideline value of Tilak Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 2,000 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Tilak Street?

The land classification for Tilak Street is Residential Special Type - I, indicating its designated use for residential purposes.

Where is the Konnur Sub Registrar Office located?

The Konnur Sub Registrar Office is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is the stamp duty calculated for properties in Tilak Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 4,97,000.