Guideline Value for ARUMUGAM NAGAR

Arumugam Nagar guideline value

The current guideline value of Arumugam Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Kovur village under the Kunrathur SRO and is classified as Residential Special Type - I.

How the guideline value of Arumugam Nagar has changed

The guideline value of Arumugam Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 1,005 per sq.ft. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the latest 2024 revision further raised it to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, the value rose significantly by 49%. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kovur

Kovur village has 91 streets under the Kunrathur SRO with 2024 guideline values ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is the same as the current value for Arumugam Nagar.

• A.P.S. Garden: Rs 1,650 per sq.ft (2024)
• Annammal Nagar: Rs 1,650 per sq.ft (2024)
• Ane Avenue: Rs 2,300 per sq.ft (2024)
• Balaji Nagar: Rs 1,430 per sq.ft (2024)
• Balakrishna Nagar: Rs 1,430 per sq.ft (2024)
• Balamurugan Nagar: Rs 1,430 per sq.ft (2024)

Stamp duty and registration fee for property in Arumugam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to 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 Arumugam Nagar?

The Sub Registrar Office that covers Arumugam Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is an important reference point for property transactions in Kovur, as it determines the minimum value at which property can be registered. When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher.

During the registration process, the guideline value helps in calculating the applicable taxes and fees, ensuring compliance with local regulations. It is crucial for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the transaction.

Frequently asked questions

What is the current guideline value of Arumugam Nagar?

The current guideline value of Arumugam 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 1,650 per sq.ft in 2024, with a notable decrease to Rs 1,005 per sq.ft in 2017 before rising again.

What is the land classification of Arumugam Nagar?

Arumugam Nagar is classified as Residential Special Type - I, indicating its designation for residential development.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is the stamp duty calculated for properties in Arumugam Nagar?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher. For example, a property valued at Rs 16,50,000 would incur a stamp duty of Rs 1,15,500.