Guideline Value for Arak Godown Street

Arak Godown Street guideline value

The current guideline value of Arak Godown Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Residential Class II Type - I.

How the guideline value of Arak Godown Street has changed

Over the years, the guideline value of Arak Godown Street has seen significant changes. In 2003, the value was Rs 817 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007. This marked a rise of 22%. The value then surged to Rs 3,500 per sq.ft in 2012, reflecting a substantial increase of 250%. However, by 2017, the value dropped to Rs 2,345 per sq.ft, marking a decrease of 33%. In 2023, it rose again to Rs 3,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 3,800 per sq.ft, an increase of 9% from the previous year.

It is important to note that there is no figure available for Arak Godown Street in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 365%.

Guideline values in Muthiyalpet

Muthiyalpet has a total of 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, indicating that Arak Godown Street's 2024 figure is below this median.

• Appu Maistry Street: Rs 4,900 per sq.ft (2024)
• Appasamy Mudali Street: Rs 4,900 per sq.ft (2024)
• Appasamy Lane: Rs 4,900 per sq.ft (2024)
• Appan Street: Rs 4,400 per sq.ft (2024)
• Anumantha Rayan Koil Street: Rs 4,400 per sq.ft (2024)
• Anthony Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Arak Godown Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty is calculated at 7%, which amounts to Rs 2,66,000, and the registration fee is charged at 2%, totaling Rs 76,000. Therefore, the total cost for stamp duty and registration fees would be Rs 3,42,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Arak Godown Street?

The Sub Registrar Office that covers Arak Godown Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO here.

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

The guideline value is a crucial factor in the registration process for property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. It is essential for ensuring compliance with local regulations and for calculating the associated costs of property registration.

Frequently asked questions

What is the current guideline value of Arak Godown Street?

The current guideline value of Arak Godown Street is Rs 3,800 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 817 per sq.ft in 2003 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 365% over this period.

What is the median guideline value in Muthiyalpet?

The median guideline value in Muthiyalpet is Rs 4,400 per sq.ft, which is higher than the current guideline value of Arak Godown Street.

What are the stamp duty and registration fees in Arak Godown Street?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Where can I find the Sub Registrar Office for Arak Godown Street?

The Sowcarpet Sub Registrar Office, which covers Arak Godown Street, is located at No.11, Davidson Street, Sowcarpet, Chennai-01.