Guideline Value for ARUMUGAM STREET

Arumugam Street guideline value

The current guideline value of Arumugam Street is Rs 4,620 per sq.ft, effective from 1 July 2024. This street is located in Ekkaduthangal village, under the Chennai South Joint I SRO, and is classified as Residential Class II Type - I.

How the guideline value of Arumugam Street has changed

The guideline value for Arumugam Street has seen significant changes over the years. In the 2002 revision, the value was Rs 350 per sq.ft. This increased to Rs 404 per sq.ft in 2003, marking a 15% rise. The value then jumped to Rs 1,000 per sq.ft in 2007, reflecting a substantial increase of 148%. Following this, the 2012 revision showed a decrease to Rs 4,200 per sq.ft, which was a decline of 320%. In 2017, the value rose again to Rs 2,814 per sq.ft, an increase of 49% from the previous revision. The 2023 revision set the value at Rs 4,200 per sq.ft, and the most recent 2024 revision shows a further increase to Rs 4,620 per sq.ft, which is a 10% rise.

There are no figures available for the years not mentioned in the register for Arumugam Street. Overall, from 2002 to 2024, the guideline value has increased by 1220%.

Guideline values in Ekkaduthangal

In Ekkaduthangal, there are 190 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 3,080 to Rs 8,800 per sq.ft. The median value for these streets is Rs 4,620 per sq.ft, which is equal to the 2024 figure for Arumugam Street.

• Arul Prakasam Road: Rs 3,520 per sq.ft (2024)
• Arunagiri Street: Rs 3,080 per sq.ft (2024)
• Ashok Nagar Inring Road: Rs 8,800 per sq.ft (2024)
• Ashok Pillar Main Road: Rs 8,800 per sq.ft (2024)
• Avaiyar Street: Rs 3,080 per sq.ft (2024)
• Balaji Nagar (120 Feet Road West Side): Rs 4,620 per sq.ft (2024)

Stamp duty and registration fee for property in Arumugam Street

For a 1,000 sq.ft plot at the current rate of Rs 4,620 per sq.ft, the guideline value would be Rs 46,20,000. The stamp duty at 7% would amount to Rs 3,23,400, and the registration fee at 2% would be Rs 92,400. Together, the total cost would be Rs 4,15,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Arumugam Street?

The Sub Registrar Office that covers Arumugam 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 additional information.

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

When buying or selling property in Ekkaduthangal, the guideline value is used to determine the stamp duty and registration fees. This value is crucial as it establishes the minimum value on which these fees are calculated, ensuring that all transactions are registered at a fair value.

It is essential for both buyers and sellers to be aware of the guideline value, as it can impact the overall cost of the transaction. The guideline value serves as a reference point for assessing property transactions within the locality.

Frequently asked questions

What is the current guideline value of Arumugam Street?

The current guideline value of Arumugam Street is Rs 4,620 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 350 per sq.ft in 2002 and increasing to Rs 4,620 per sq.ft in 2024, which is an overall increase of 1220%.

What is the land classification of Arumugam Street?

Arumugam Street is classified as Residential Class II Type - I.

Which office handles registrations for properties in Ekkaduthangal?

The Chennai South Joint I Sub Registrar Office handles registrations for properties in Ekkaduthangal.

How is stamp duty calculated for properties on Arumugam Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 46,20,000, the stamp duty would be calculated at 7% of this amount.