Guideline Value for ARUMUGAM STREET (GRAMA NEDUNCHALAI 5TH CROSS STREET)

Arumugam Street (Grama Nedunchalai 5th Cross Street) guideline value

The current guideline value of Arumugam Street (Grama Nedunchalai 5th Cross Street) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in the village of Sholinganallur - 1 under the Neelankarai SRO and is classified as Residential Class II Type - III.

How the guideline value of Arumugam Street (Grama Nedunchalai 5th Cross Street) has changed

In the 2017 revision, the guideline value was Rs 1,340 per sq.ft. This figure remained until the 2024 revision, which saw an increase of 64%, bringing the current guideline value to Rs 2,200 per sq.ft. The register has no figures for the years 2023, 2012, 2007, 2003, and 2002 for this street.

From 2017 to 2024, the guideline value experienced a significant increase, reflecting changes in the local property market. The current value aligns with the median guideline value for the 754 streets in Sholinganallur - 1, which also stands at Rs 2,200 per sq.ft.

Guideline values in Sholinganallur - 1

Sholinganallur - 1 has a range of guideline values for its streets, with figures varying from Rs 1,000 to Rs 8,800 per sq.ft. The median value is Rs 2,200 per sq.ft, which matches the guideline value of Arumugam Street. Below are other streets in Sholinganallur - 1:

• Aravindar Street: Rs 1,700 per sq.ft (2024)
• A.Raja Street(Grama Nedunchalai 25th Cross Street): Rs 2,200 per sq.ft (2024)
• Aparna Thottam: Rs 1,700 per sq.ft (2024)
• Anna Street, Deavaraj Joint Salai: Rs 2,800 per sq.ft (2024)
• Anna Street 1st Cross Street: Rs 2,800 per sq.ft (2024)
• Anna Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Arumugam Street (Grama Nedunchalai 5th Cross Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value is Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total cost of Rs 1,98,000. 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 details.

Which Sub Registrar Office covers Arumugam Street (Grama Nedunchalai 5th Cross Street)?

The Sub Registrar Office that covers Arumugam Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value is an important factor when buying or selling property in Sholinganallur - 1, as it determines the minimum value at which a property can be registered. This value is used to calculate stamp duty and registration fees, which are necessary for the legal transfer of property ownership.

When a property is sold, the guideline value serves as a benchmark for the transaction. Buyers and sellers should be aware that the registration process will require adherence to these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Arumugam Street?

The current guideline value of Arumugam Street (Grama Nedunchalai 5th Cross Street) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking a 64% increase. There are no figures available for the revisions in 2023, 2012, 2007, 2003, and 2002 for this street.

What is the land classification of Arumugam Street?

Arumugam Street is classified as Residential Class II Type - III under the Neelankarai SRO. This classification is important for understanding the type of property development permitted in the area.

What are the stamp duty and registration fees for properties in this area?

Stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft property at the current guideline value, the total stamp duty and registration fees would amount to Rs 1,98,000.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. This office handles the registration of properties in the area.