Guideline Value for Arokkiya Street

Arokkiya Street guideline value

The current guideline value of Arokkiya Street in Virugambakkam village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Virugambakkam SRO and is classified as Residential Class IV Type - I.

How the guideline value of Arokkiya Street has changed

The guideline value for Arokkiya Street has seen several revisions over the years. In 2002, the value was Rs 286 per sq.ft, which increased to Rs 317 per sq.ft in 2003, marking an 11% rise. The value then rose significantly to Rs 500 per sq.ft in 2007, reflecting a 58% increase. By 2012, the value was Rs 3,000 per sq.ft, which represented a 500% increase from the previous revision. However, this value dropped to Rs 2,010 per sq.ft in 2017, indicating a decrease of 33%.

In 2023, the guideline value was revised to Rs 3,000 per sq.ft, and then it increased by 10% to reach the current value of Rs 3,300 per sq.ft in 2024. The overall change from 2002 to 2024 shows an increase of 1,054% in the guideline value for Arokkiya Street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Arokkiya Street's 2024 guideline value is below this median.

• Arcot Road South Side Vanniar Street: Rs 7,150 per sq.ft (2024)
• Arcot Road (Others): Rs 13,200 per sq.ft (2024)
• Arcot Road Lane: Rs 9,900 per sq.ft (2024)
• Arcot Road (Door No's134 and 134A) New Door No 140: Rs 13,200 per sq.ft (2024)
• Arcot Road 3rd Street: Rs 9,900 per sq.ft (2024)
• Arcot Road 2nd Street: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Arokkiya 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, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the 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 Arokkiya Street?

The Arokkiya Street falls under the jurisdiction of 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 plays a crucial role in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is essential for calculating the stamp duty and registration fees applicable during the transaction.

When a buyer and seller agree on a sale price, the registration office will use the higher of the guideline value or the sale price to calculate the applicable duties. This ensures that the transaction is recorded accurately and in compliance with local regulations.

Frequently asked questions

What is the current guideline value of Arokkiya Street?

The current guideline value of Arokkiya 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 increased from Rs 286 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 1,054% over the years.

What are the stamp duty and registration fees for Arokkiya Street?

For a 1,000 sq.ft plot, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000 based on the current guideline value.

Which Sub Registrar Office covers Arokkiya Street?

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

What is the land classification of Arokkiya Street?

Arokkiya Street is classified as Residential Class IV Type - I under the current guidelines.