Guideline Value for Arcot Road Lane

Arcot Road Lane guideline value

The current guideline value of Arcot Road Lane in Virugambakkam village, under the Virugambakkam SRO, is Rs 9,900 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Special Type - I.

How the guideline value of Arcot Road Lane has changed

The guideline value of Arcot Road Lane has seen significant changes over the years. In the 2002 revision, the guideline value was Rs 361 per sq.ft. This increased to Rs 400 per sq.ft in 2003, marking an 11% rise. The value then rose to Rs 750 per sq.ft in 2007, which represented an 88% increase. Following this, the 2012 revision saw a substantial jump to Rs 9,000 per sq.ft, reflecting a remarkable 1,100% increase. However, in the 2017 revision, the value decreased to Rs 6,030 per sq.ft, a decline of 33%. The 2023 revision brought the value back up to Rs 9,000 per sq.ft, and the most recent 2024 revision set it at Rs 9,900 per sq.ft, showing a 10% increase from the previous year.

Overall, from the 2002 revision to the 2024 revision, the guideline value has increased by 2,642%. There are no figures available for revisions in years not listed in the register.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Arcot Road Lane's current value above this median.

• Arcot Road (Door No's 134 and 134A) New Door No 140: Rs 13,200 per sq.ft (2024)
• Arcot Road (Others): Rs 13,200 per sq.ft (2024)
• Arcot Road 3rd Street: Rs 9,900 per sq.ft (2024)
• Arcot Road South Side Vanniar Street: Rs 7,150 per sq.ft (2024)
• Arcot Road 2nd Street: Rs 9,900 per sq.ft (2024)
• Arcot Road 1st Street: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Arcot Road Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value would be Rs 99,00,000. The stamp duty at 7% would amount to Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, bringing the total fees together to Rs 8,91,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Arcot Road Lane?

The Sub Registrar Office that covers Arcot Road Lane is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Virugambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately and fairly in the official records.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Arcot Road Lane?

The current guideline value of Arcot Road Lane is Rs 9,900 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 361 per sq.ft in 2002 to Rs 9,900 per sq.ft in 2024, reflecting an overall increase of 2,642% over this period.

What is the land classification for Arcot Road Lane?

Arcot Road Lane is classified as Commercial Special Type - I, indicating its suitability for commercial activities.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total fee of Rs 8,91,000.