Guideline Value for ARUNACHALAM STREET

Arunachalam Street guideline value

The current guideline value of Arunachalam Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class V Type - III.

How the guideline value of Arunachalam Street has changed

The guideline value for Arunachalam Street has undergone 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. The value saw a significant jump to Rs 900 per sq.ft in 2007, representing a 62% increase. By 2012, the value reached Rs 3,000 per sq.ft, a substantial increase of 233%. However, in 2017, the value decreased to Rs 2,010 per sq.ft, reflecting a decline of 33%. The most recent revision in 2024 brought the value back up to Rs 3,300 per sq.ft, which is a 64% increase from the 2017 figure. Notably, there is no figure recorded for Arunachalam Street in the 2023 revision.

Guideline values in Mylapore

In Mylapore, there are a total of 883 streets under the Mylapore SRO with a guideline value for 2024 ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, indicating that Arunachalam Street's current guideline value is below this median.

• Arunagiri Street: Rs 7,100 per sq.ft (2024)
• Arundale Street: Rs 8,800 per sq.ft (2024)
• Arunthathi Colony: Rs 3,300 per sq.ft (2024)
• Arumugam Street: Rs 3,300 per sq.ft (2024)
• Ashoka Road: Rs 7,100 per sq.ft (2024)
• Arulappan Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Arunachalam Street

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

Which Sub Registrar Office covers Arunachalam Street?

The Sub Registrar Office that covers Arunachalam 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 during the registration of property transactions in Mylapore. It serves as a benchmark for determining the minimum sale price of a property, ensuring that the transaction is recorded at a fair value.

When buyers and sellers engage in property transactions, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures transparency and compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Arunachalam Street?

The current guideline value of Arunachalam 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 significantly from Rs 498 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 563% over the years.

What is the land classification for Arunachalam Street?

Arunachalam Street is classified as Residential Class V Type - III, indicating its designation for residential purposes.

Where is the Mylapore Sub Registrar Office located?

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

How is the stamp duty calculated for property in Arunachalam Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.