Guideline Value for ARUMUGAM STREET

Arumugam Street guideline value

The current guideline value of Arumugam Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class V Type - III.

How the guideline value of Arumugam Street has changed

The guideline value for Arumugam Street has seen several revisions over the years. In 2002, the value was Rs 498 per sq.ft, which increased to Rs 554 per sq.ft in 2003, marking an 11% rise. Following this, the value grew significantly to Rs 900 per sq.ft in 2007, a 62% increase. The next revision in 2012 saw the value drop to Rs 3,000 per sq.ft, a decrease of 233%. However, this was followed by a substantial increase to Rs 2,010 per sq.ft in 2017, representing a 49% rise. The guideline value then increased to Rs 3,000 per sq.ft in 2023, before reaching the current rate of Rs 3,300 per sq.ft in 2024, which is a 10% increase.

There are no figures available for the revisions prior to 2002 or after 2024 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 563%.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. The guideline value of Arumugam Street is below this median.

• Arunachalam Street: Rs 3,300 per sq.ft (2024)
• Arulappan Street: Rs 3,300 per sq.ft (2024)
• Arulappa Naicken Street: Rs 7,100 per sq.ft (2024)
• Arulanantha Mudali Street: Rs 4,900 per sq.ft (2024)
• Arunagiri Street: Rs 7,100 per sq.ft (2024)
• Arundale Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Arumugam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Arumugam Street?

The Sub Registrar Office that covers Arumugam Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Mylapore. It serves as a reference point for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Arumugam Street?

The current guideline value of Arumugam Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 498 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 563% over this period.

What is the stamp duty for property in Arumugam Street?

The stamp duty for property in Arumugam Street is 7% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office covers Arumugam Street?

The Mylapore Sub Registrar Office covers Arumugam Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

What are the guideline values of other streets in Mylapore?

Other streets in Mylapore have varying guideline values. For example, Arunachalam Street and Arulappan Street both have a value of Rs 3,300 per sq.ft in 2024, while Arulappa Naicken Street has a value of Rs 7,100 per sq.ft.