Guideline Value for Arul Murugan Nagar

Arul Murugan Nagar guideline value

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

How the guideline value of Arul Murugan Nagar has changed

The guideline value for Arul Murugan Nagar has seen several revisions over the years. The earliest recorded revision was in 2017, where the guideline value was Rs 1,340 per sq.ft. This figure increased significantly to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 saw another increase to Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

Overall, from 2017 to 2024, 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 for this street in the register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, placing Arul Murugan Nagar's 2024 figure below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, resulting in a total of Rs 1,98,000. 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 Arul Murugan Nagar?

The Sub Registrar Office that covers Arul Murugan Nagar 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 further assistance.

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

The guideline value is a crucial factor in property transactions in Madipakkam-1, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded accurately.

It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process. This value can affect the overall costs involved in the transaction, making it a key component of property dealings in the area.

Frequently asked questions

What is the current guideline value of Arul Murugan Nagar?

The current guideline value of Arul Murugan Nagar 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 increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024. This represents a total increase of 64% over the seven years.

What is the land classification of Arul Murugan Nagar?

Arul Murugan Nagar is classified as Residential Class II Type - I. This classification indicates the type of development permissible in the area.

What are the stamp duty and registration fees for properties in Arul Murugan Nagar?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Arul Murugan Nagar located?

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