Guideline Value for Vadakku Thirumalai Nagar

Vadakku Thirumalai Nagar guideline value

The current guideline value of Vadakku Thirumalai Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Malligaicherry village, under the Konnur SRO, and is classified as Residential Class I Type - I.

How the guideline value of Vadakku Thirumalai Nagar has changed

The guideline value for Vadakku Thirumalai Nagar has seen several revisions over the years. Starting from 2002, the guideline value was Rs 311 per sq.ft. It increased to Rs 470 per sq.ft in 2003, followed by a rise to Rs 800 per sq.ft in 2007. The value then jumped significantly to Rs 2,500 per sq.ft in 2012, before decreasing to Rs 1,675 per sq.ft in 2017. The most recent revisions saw the value rise to Rs 2,500 per sq.ft in 2023 and then to Rs 2,750 per sq.ft in 2024.

In terms of changes, the guideline value increased by 51% from 2002 to 2003, followed by a 70% increase from 2003 to 2007. There was a substantial rise of 213% from 2007 to 2012. However, from 2012 to 2017, the value decreased by 33%. The guideline value then increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 784%.

Guideline values in Malligaicherry

In Malligaicherry, there are 49 streets under the Konnur SRO that carry a guideline value for 2024, ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, making the guideline value of Vadakku Thirumalai Nagar above that median.

• Vadakku Thirumalai Nagar 3rd to 6th Street: Rs 2,750 per sq.ft (2024)
• Vadakku Thirumalai Nagar First Lane: Rs 2,750 per sq.ft (2024)
• Vadakku Thirumalai Nagar Second Lane: Rs 2,750 per sq.ft (2024)
• Thiruveethiamman Koil Street: Rs 2,400 per sq.ft (2024)
• Thiruveethiamman Koil Second Street: Rs 2,200 per sq.ft (2024)
• Thiruveethiamman Koil First Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vadakku Thirumalai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, these fees would total Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vadakku Thirumalai Nagar?

The Sub Registrar Office that covers Vadakku Thirumalai Nagar is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Malligaicherry. It serves as the basis for calculating stamp duty and registration fees, which are mandatory costs associated with property transactions.

When a property is registered, the guideline value is used to determine the applicable fees, ensuring that all transactions are conducted fairly and transparently. Buyers and sellers should be aware of the guideline value to understand the financial implications of their property dealings.

Frequently asked questions

What is the current guideline value of Vadakku Thirumalai Nagar?

The current guideline value of Vadakku Thirumalai Nagar is Rs 2,750 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 311 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 784% over this period.

What are the other streets in Malligaicherry with their guideline values?

Other streets in Malligaicherry include Vadakku Thirumalai Nagar 3rd to 6th Street, First Lane, and Second Lane, all at Rs 2,750 per sq.ft, while Thiruveethiamman Koil Street is at Rs 2,400 per sq.ft, and the other two streets are at Rs 2,200 per sq.ft.

What fees are involved in the registration process?

The registration process involves stamp duty, which is typically 7% of the guideline value, and a registration fee of 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Vadakku Thirumalai Nagar?

The Konnur Sub Registrar Office covers Vadakku Thirumalai Nagar and is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.