Guideline Value for A.P. Arasu 1st Street

A.P. Arasu 1st Street guideline value

The current guideline value of A.P. Arasu 1st Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village and falls under the Madhavaram SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of A.P. Arasu 1st Street has changed

The guideline value for A.P. Arasu 1st Street has experienced several revisions over the years. The 2012 revision set the value at Rs 2,300 per sq.ft, which was a decrease of 33% from Rs 1,541 per sq.ft in 2017. The 2023 revision increased the value to Rs 2,300 per sq.ft, and the latest revision in 2024 raised it further to Rs 2,500 per sq.ft, marking a 9% increase from the previous year.

From 2017 to 2023, the guideline value rose by 49%, reaching Rs 2,300 per sq.ft. Overall, from 2012 to 2024, the guideline value has increased by 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, which is the same as the guideline value for A.P. Arasu 1st Street.

• A.P. Arasu 1st Lane: Rs 2,500 per sq.ft (2024)
• A.P. Arasu 2nd Lane: Rs 2,500 per sq.ft (2024)
• A.P. Arasu 2nd Street: Rs 2,500 per sq.ft (2024)
• A.P. Arasu 3rd Cross Street: Rs 2,500 per sq.ft (2024)
• A.P. Arasu 3rd Lane: Rs 2,500 per sq.ft (2024)
• A.P. Arasu 3rd Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in A.P. Arasu 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, while the registration fee at 2% would be Rs 50,000. Together, these fees would total Rs 2,25,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers A.P. Arasu 1st Street?

The A.P. Arasu 1st Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Erukancherry. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that these costs are calculated based on the official value set by the government.

When buying or selling property, both parties must take the guideline value into account to ensure compliance with legal requirements. This value helps in establishing a fair transaction price and aids in the smooth processing of property registrations.

Frequently asked questions

What is the current guideline value of A.P. Arasu 1st Street?

The current guideline value of A.P. Arasu 1st Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2023 to Rs 2,500 per sq.ft in 2024, marking a 9% increase. It was Rs 1,541 per sq.ft in 2017, which shows a 49% increase to 2023.

What is the land classification for A.P. Arasu 1st Street?

A.P. Arasu 1st Street is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles property registrations for A.P. Arasu 1st Street.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 25,00,000, the stamp duty would be 7% of that amount.