Guideline Value for ARKEY FLATS

Arkey Flats guideline value

The current guideline value of Arkey Flats, located in Villivakkam village under the Villivakkam SRO, is Rs 8,200 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class II Type - I land classification.

How the guideline value of Arkey Flats has changed

The guideline value of Arkey Flats has seen several revisions over the years. In 2003, the guideline value was Rs 1,205 per sq.ft. This figure increased to Rs 1,750 per sq.ft in 2007, marking a significant rise of 45%. The value then surged dramatically to Rs 7,500 per sq.ft in 2012, reflecting a 329% increase. However, it decreased to Rs 5,025 per sq.ft in 2017, which was a decline of 33%. The guideline value then rose to Rs 7,500 per sq.ft in 2023, before reaching the current value of Rs 8,200 per sq.ft in 2024, a change of 9% from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 580%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, placing Arkey Flats above this median.

• ASIAN GARDEN (Opp to Kumaraswamy Nagar): Rs 8,200 per sq.ft (2024)
• Anna Nagar Bus Terminus (West): Rs 13,200 per sq.ft (2024)
• Bakthavachalapuram: Rs 1,600 per sq.ft (2024)
• ANBU COLONY (7th AVENUE): Rs 13,200 per sq.ft (2024)
• Amman Kuttai (Slum Board) (Near Leprosy Centre): Rs 2,200 per sq.ft (2024)
• Baliamman Koil Bus Stop Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Arkey Flats

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value amounts to Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, leading to a total cost of Rs 7,38,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Arkey Flats?

The Sub Registrar Office covering Arkey Flats is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Villivakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations and to accurately calculate the associated costs.

When a property is sold, the guideline value is used to assess the transaction value for tax purposes. It is essential for both parties to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Arkey Flats?

The current guideline value of Arkey Flats is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,205 per sq.ft in 2003 to Rs 8,200 per sq.ft in 2024, marking an overall increase of 580% over this period.

What is the land classification for Arkey Flats?

Arkey Flats falls under the Residential Class II Type - I land classification.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office).

What is the stamp duty rate for properties in Arkey Flats?

The stamp duty for properties in Arkey Flats is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.