Guideline Value for Armenian 1st segment (N.S.C.Bose road to Mookar Nallamuthu Street)

Armenian 1st segment (N.S.C.Bose road to Mookar Nallamuthu Street) guideline value

The current guideline value for the Armenian 1st segment (N.S.C.Bose road to Mookar Nallamuthu Street) is Rs 16,500 per sq.ft, effective from 1 July 2024. This segment is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Armenian 1st segment (N.S.C.Bose road to Mookar Nallamuthu Street) has changed

The guideline value for the Armenian 1st segment has undergone several revisions over the years. In 2007, the guideline value was Rs 6,000 per sq.ft. This increased significantly to Rs 15,000 per sq.ft in 2012, marking a 150% rise. However, in 2017, it dropped to Rs 10,050 per sq.ft, a decrease of 33%. The value then rose to Rs 15,000 per sq.ft in 2023, and the most recent revision in 2024 set it at Rs 16,500 per sq.ft, reflecting a 10% increase from the previous year. Notably, the register has no figures for this street in 2002 and 2003.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 175%. The changes from 2017 to 2023 show a substantial increase of 49%, indicating a significant upward trend in the value over the recent years.

Guideline values in Muthialpet

In Muthialpet village, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft, with a median value of Rs 5,500 per sq.ft. The Armenian 1st segment's 2024 figure of Rs 16,500 per sq.ft is notably above this median.

• Armenian 2nd segment (from Mookar Nallamuthu Street to Post Office street Junction): Rs 15,900 per sq.ft (2024)
• Armenian 3rd Segment (Post Office to Mannady Street Junction): Rs 14,800 per sq.ft (2024)
• Armenian 4th segment (Mannady to Ibrahim Street): Rs 14,800 per sq.ft (2024)
• Arput nath street: Rs 5,500 per sq.ft (2024)
• Appupillai Lane @ Appu Maistry Street: Rs 3,800 per sq.ft (2024)
• Appasamy street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Armenian 1st segment (N.S.C.Bose road to Mookar Nallamuthu Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 16,500 per sq.ft, the total guideline value amounts to Rs 1,65,00,000. The stamp duty, calculated at 7%, would be Rs 11,55,000, and the registration fee at 2% would be Rs 3,30,000. Together, these fees total Rs 14,85,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Armenian 1st segment (N.S.C.Bose road to Mookar Nallamuthu Street)?

The Armenian 1st segment is covered by the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property in Muthialpet. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is crucial to be aware of the guideline value, as it affects the overall transaction cost. Buyers should consider this value to ensure compliance with registration norms and to avoid any legal issues during the property transfer process.

Frequently asked questions

What is the current guideline value for Armenian 1st segment?

The current guideline value for the Armenian 1st segment (N.S.C.Bose road to Mookar Nallamuthu Street) is Rs 16,500 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 6,000 per sq.ft in 2007 to Rs 16,500 per sq.ft in 2024. This represents an overall increase of 175% over the years.

What are the stamp duty and registration fees for properties in this segment?

For a property valued at Rs 1,65,00,000, the stamp duty would be Rs 11,55,000 and the registration fee would be Rs 3,30,000, totaling Rs 14,85,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office is responsible for this area?

The Chennai North Joint I Sub Registrar Office is responsible for the Armenian 1st segment, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

What is the land classification for Armenian 1st segment?

The land classification for the Armenian 1st segment is Commercial Class I Type - I, indicating its suitability for commercial activities.