Guideline Value for Armenian 2nd segment (from Mookar Nallamuthu Street to Post Office street Junction)

Armenian 2nd segment (from Mookar Nallamuthu Street to Post Office street Junction) guideline value

The current guideline value for the Armenian 2nd segment (from Mookar Nallamuthu Street to Post Office street Junction) is Rs 15,900 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 - II.

How the guideline value of Armenian 2nd segment (from Mookar Nallamuthu Street to Post Office street Junction) has changed

Over the years, the guideline value for the Armenian 2nd segment has seen significant changes. The earliest recorded figure is from the 2007 revision, which was Rs 5,500 per sq.ft. This increased to Rs 14,500 per sq.ft in the 2012 revision, marking a rise of 164%. However, in the 2017 revision, the value decreased to Rs 9,715 per sq.ft, reflecting a drop of 33%. The value then rose to Rs 14,500 per sq.ft in the 2023 revision, showing a substantial increase of 49%. The most recent 2024 revision has set the value at Rs 15,900 per sq.ft, an increase of 10% from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 189%.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO, with 2024 guideline values ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, positioning the Armenian 2nd segment's 2024 figure above this median.

• Armenian 1st segment (N.S.C.Bose road to Mookar Nallamuthu Street): Rs 16,500 per sq.ft (2024)
• Armenian 3rd Segment (Post Office to Mannady Street Junction): Rs 14,800 per sq.ft (2024)
• Armenian segment 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 2nd segment (from Mookar Nallamuthu Street to Post Office street Junction)

For a 1,000 sq.ft plot at the current rate of Rs 15,900 per sq.ft, the guideline value amounts to Rs 1,59,00,000. The stamp duty at 7% would be Rs 11,13,000, and the registration fee at 2% would be Rs 3,18,000, totaling Rs 14,31,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Armenian 2nd segment (from Mookar Nallamuthu Street to Post Office street Junction)?

The Armenian 2nd segment is covered by the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned 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 a crucial factor when registering property transactions in Muthialpet. It serves as a benchmark for calculating the stamp duty and registration fees that are payable during the transfer of property ownership.

When a buyer or seller completes a transaction, the registration office uses the guideline value to determine the applicable fees. This ensures that all property transactions are conducted transparently and in accordance with the established values set by the local authorities.

Frequently asked questions

What is the current guideline value for the Armenian 2nd segment?

The current guideline value for the Armenian 2nd segment (from Mookar Nallamuthu Street to Post Office street Junction) is Rs 15,900 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 5,500 per sq.ft in 2007 to Rs 15,900 per sq.ft in 2024, an overall increase of 189%. The value saw fluctuations, including a drop from 2012 to 2017.

What is the land classification for the Armenian 2nd segment?

The land classification for the Armenian 2nd segment is Commercial Class I Type - II, indicating its suitability for commercial activities.

Where can I find the registration office for this segment?

The registration office covering the Armenian 2nd segment is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.

How is the stamp duty calculated for properties in this segment?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 1,59,00,000, the stamp duty would be Rs 11,13,000 at a rate of 7%.