Guideline Value for Arul Migu Magalikshmi Avenue

Arul Migu Magalikshmi Avenue guideline value

The current guideline value of Arul Migu Magalikshmi Avenue is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Ayappakkam village under the Ambattur SRO, classified as Residential Class I Type - I.

How the guideline value of Arul Migu Magalikshmi Avenue has changed

The guideline value for Arul Migu Magalikshmi Avenue has seen several revisions over the years. In 2007, the value was Rs 200 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in 2012, marking a rise of 500%. However, it then decreased to Rs 804 per sq.ft in 2017, a drop of 33%. The value increased again to Rs 1,200 per sq.ft in 2023, and currently stands at Rs 1,300 per sq.ft from the 2024 revision, reflecting an 8% increase from the previous year.

From the 2017 revision to the 2023 revision, the value rose by 49%. Overall, from 2007 to 2024, the guideline value has increased by 550%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Ayappakkam

In Ayappakkam, there are 221 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 4,000 per sq.ft, with the median value being Rs 1,300 per sq.ft. The guideline value for Arul Migu Magalikshmi Avenue aligns with this median.

• Arputham City: Rs 1,700 per sq.ft (2024)
• Apparna Nagar: Rs 1,100 per sq.ft (2024)
• Anna street(sivasakthi nagar): Rs 1,600 per sq.ft (2024)
• Asiriyar Street: Rs 880 per sq.ft (2024)
• Annanoor Railway Station Road: Rs 1,300 per sq.ft (2024)
• Ayyapakkam Main Road: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Arul Migu Magalikshmi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Arul Migu Magalikshmi Avenue?

The Sub Registrar Office that covers Arul Migu Magalikshmi Avenue is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ayappakkam. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, thereby helping to maintain transparency in property dealings. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Arul Migu Magalikshmi Avenue?

The current guideline value of Arul Migu Magalikshmi Avenue is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, reflecting a total increase of 550% over the years.

What is the land classification of Arul Migu Magalikshmi Avenue?

Arul Migu Magalikshmi Avenue is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Arul Migu Magalikshmi Avenue is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at a rate of 7%.