Guideline Value for ARK Avenue

ARK Avenue guideline value

The current guideline value of ARK Avenue, located in Varadarajapuram village under the Padappai SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - II.

How the guideline value of ARK Avenue has changed

The guideline value of ARK Avenue has seen several revisions over the years. In 2007, the value was Rs 250 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012, marking a 500% rise. However, it then decreased to Rs 1,005 per sq.ft in 2017, reflecting a 33% drop. The value continued to rise to Rs 1,500 per sq.ft in 2023, and further increased by 10% to the current rate of Rs 1,650 per sq.ft as of the 2024 revision.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 560%. The register does not have figures for the revisions in 2002 and 2003 for this street.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft. The median value is Rs 1,650 per sq.ft, which is equal to the guideline value of ARK Avenue.

• ARK Avenue Extn, I, II and III: Rs 1,650 per sq.ft (2024)
• ARK Nagar: Rs 1,650 per sq.ft (2024)
• Ark Nagar Extension: Rs 1,650 per sq.ft (2024)
• Arav Garden: Rs 3,030 per sq.ft (2024)
• Arunachalam Avenue: Rs 1,650 per sq.ft (2024)
• Anusakthipuram: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in ARK Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total fees together to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers ARK Avenue?

The Sub Registrar Office that covers ARK Avenue 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 further assistance.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Varadarajapuram, the guideline value is used to calculate the stamp duty and registration fees that need to be paid during the registration process.

It is essential for buyers and sellers to be aware of the guideline value to ensure compliance with legal requirements and to avoid any potential disputes during the transaction. The guideline value serves as a benchmark for property transactions in the area.

Frequently asked questions

What is the current guideline value of ARK Avenue?

The current guideline value of ARK Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 560% over the years.

What are the other streets in Varadarajapuram with the same guideline value?

Other streets in Varadarajapuram with the same guideline value of Rs 1,650 per sq.ft include ARK Avenue Extn, I, II and III, ARK Nagar, Ark Nagar Extension, and Arunachalam Avenue.

How is stamp duty calculated for property in ARK Avenue?

Stamp duty for property in ARK Avenue is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 1,15,500.

Where can I find my Sub Registrar Office?

The Sub Registrar Office covering ARK Avenue is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO through the provided link.