Guideline Value for Arul Murugan Nagar Extension

Arul Murugan Nagar Extension guideline value

The current guideline value of Arul Murugan Nagar Extension is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class II Type - I.

How the guideline value of Arul Murugan Nagar Extension has changed

The guideline value for Arul Murugan Nagar Extension has undergone several revisions over the years. In the 2017 revision, the value was set at Rs 1,340 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has further increased the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Arul Murugan Nagar Extension's 2024 guideline value is below this median.

• Arul Murugan Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Arul Murugan Nagar: Rs 2,200 per sq.ft (2024)
• Arul Murgan Nagar Extension Krishna Nagar: Rs 2,200 per sq.ft (2024)
• Arumugam Cross street: Rs 2,200 per sq.ft (2024)
• Arumugam Nagar: Rs 2,200 per sq.ft (2024)
• Arumugam Nagar (Govindaswamy Nagar Extension): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Arul Murugan Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Arul Murugan Nagar Extension?

The Sub Registrar Office that covers Arul Murugan Nagar Extension is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role when buying or selling property in Madipakkam-1. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers should be aware that the guideline value is the baseline for these calculations.

When a property is sold, the sale price is compared to the guideline value, and the higher amount is used to calculate the applicable duties and fees. This ensures that the registration process is aligned with the official valuation set by the authorities.

Frequently asked questions

What is the current guideline value of Arul Murugan Nagar Extension?

The current guideline value of Arul Murugan Nagar Extension is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64% over this period.

What are the other streets in Madipakkam-1 with the same guideline value?

Other streets in Madipakkam-1 that share the same guideline value of Rs 2,200 per sq.ft include Arul Murugan Nagar 1st Street, Arul Murugan Nagar, Arul Murgan Nagar Extension Krishna Nagar, Arumugam Cross street, Arumugam Nagar, and Arumugam Nagar (Govindaswamy Nagar Extension).

What is the stamp duty rate for properties in Arul Murugan Nagar Extension?

The stamp duty rate for properties in Arul Murugan Nagar Extension is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Arul Murugan Nagar Extension?

The Sub Registrar Office for Arul Murugan Nagar Extension is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.