Guideline Value for ARUMUGAM NAGAR 2ND STREET

Arumugam Nagar 2nd Street guideline value

The current guideline value of Arumugam Nagar 2nd Street is Rs 2,420 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Arumugam Nagar 2nd Street has changed

The guideline value for Arumugam Nagar 2nd Street has seen several revisions over the years. In 2002, the guideline value was Rs 113 per sq.ft, which increased to Rs 133 per sq.ft in 2003, marking an 18% rise. Following this, there was a significant increase of 589% to Rs 917 per sq.ft in 2007. The value then rose dramatically to Rs 2,200 per sq.ft in 2012, reflecting a 140% increase. However, from 2012 to 2017, the guideline value decreased by 33% to Rs 1,474 per sq.ft. The value then increased substantially by 49% to Rs 2,200 per sq.ft in 2023, before reaching the current value of Rs 2,420 per sq.ft in 2024, which is a 10% increase.

There are no figures available for the revisions in the years not mentioned in this summary. The overall change from 2002 to 2024 shows an increase of 2042% in the guideline value.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with guideline values for 2024 ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value in this village is Rs 1,650 per sq.ft, placing Arumugam Nagar 2nd Street's 2024 figure above that median.

• Arumugam Nagar 1st Street: Rs 2,420 per sq.ft (2024)
• Arumugam Nagar 3rd Street: Rs 2,420 per sq.ft (2024)
• Arumugam Nagar Main Road: Rs 2,420 per sq.ft (2024)
• Arun Nagar: Rs 1,650 per sq.ft (2024)
• Astalakshmi Avenue: Rs 2,750 per sq.ft (2024)
• Astalakshmi Avenue 1st Main Road: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Arumugam Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,420 per sq.ft, the total guideline value would be Rs 24,20,000. The stamp duty at 7% would amount to Rs 1,69,400, and the registration fee at 2% would be Rs 48,400. Together, the total cost for stamp duty and registration fees would be Rs 2,17,800. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Arumugam Nagar 2nd Street?

The Sub Registrar Office that covers Arumugam Nagar 2nd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is an important factor when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which property transactions can be registered. Buyers and sellers must consider the guideline value to ensure compliance with registration requirements.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Arumugam Nagar 2nd Street?

The current guideline value of Arumugam Nagar 2nd Street is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 113 per sq.ft in 2002 to Rs 2,420 per sq.ft in 2024, showing an overall increase of 2042% over the years.

What are the stamp duty and registration fees for properties in Arumugam Nagar 2nd Street?

For a property valued at Rs 24,20,000, the stamp duty would be Rs 1,69,400 and the registration fee would be Rs 48,400, totaling Rs 2,17,800.

Which office handles registrations for Arumugam Nagar 2nd Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Arumugam Nagar 2nd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the land classification for Arumugam Nagar 2nd Street?

The land classification for Arumugam Nagar 2nd Street is Residential Class I Type - I.