Guideline Value for ARK Nagar

ARK Nagar guideline value

The current guideline value of ARK Nagar, located in Varadarajapuram village under the Padappai SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of ARK Nagar has changed

Over the years, the guideline value for ARK Nagar has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the most recent 2024 revision raised it further to Rs 1,650 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a significant decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 reflects a 10% increase, indicating a steady adjustment in the guideline value over the years.

Guideline values in Varadarajapuram

In Varadarajapuram, there are a total of 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft, with the median being Rs 1,650 per sq.ft. The guideline value for ARK Nagar aligns with this median.

• ARK Nagar Extension: Rs 1,650 per sq.ft (2024)
• ARK Avenue Extn, I, II and III: Rs 1,650 per sq.ft (2024)
• ARK Avenue: 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 Nagar

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

Which Sub Registrar Office covers ARK Nagar?

The Sub Registrar Office that covers ARK Nagar 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 Varadarajapuram

The guideline value plays a crucial role during property transactions in Varadarajapuram. It is the basis for calculating the stamp duty and registration fees that must be paid when registering a property. Buyers and sellers should be aware that the guideline value is used to determine the official value of the property for these purposes.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. It is essential for both buyers and sellers to understand this value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of ARK Nagar?

The current guideline value of ARK Nagar 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 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

Which office handles registrations for ARK Nagar?

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

What are the stamp duty and registration fees for properties in ARK Nagar?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

What is the land classification for ARK Nagar?

The land classification for ARK Nagar is Residential Special Type - II, indicating its designated use for residential purposes.