Guideline Value for Arul Nagar Milk Colony 2nd Street

Arul Nagar Milk Colony 2nd Street guideline value

The current guideline value of Arul Nagar Milk Colony 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Arul Nagar Milk Colony 2nd Street has changed

Over the years, the guideline value for Arul Nagar Milk Colony 2nd Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased to Rs 2,000 per sq.ft in the 2023 revision, and the most recent revision in 2024 has raised it to Rs 2,200 per sq.ft. The changes from the previous revisions include a decrease of 33% from 2012 to 2017, followed by a significant increase of 49% from 2017 to 2023, and a further increase of 10% from 2023 to 2024.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street in the register.

Guideline values in Madhavaram

In Madhavaram, there are a total of 1,946 streets under the Madhavaram SRO, with the 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, making the current guideline value of Rs 2,200 per sq.ft for Arul Nagar Milk Colony 2nd Street above the median.

• Arul Nagar Milk Colony 1st Street: Rs 2,200 per sq.ft (2024)
• Arul Nagar Road (Ward-3): Rs 2,200 per sq.ft (2024)
• Arul Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• Arul Nagar K.K.Thazhai Main Rd Connecting Rd (Ward No.3): Rs 2,200 per sq.ft (2024)
• Arul Nagar (Ward-03): Rs 2,200 per sq.ft (2024)
• Arul Nagar Extension: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Arul Nagar Milk Colony 2nd Street

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 cost together to Rs 1,98,000. Please note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Arul Nagar Milk Colony 2nd Street?

The Sub Registrar Office covering Arul Nagar Milk Colony 2nd Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is an essential factor when buying or selling property in Madhavaram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the officially recognized value of the property.

When a property is registered, the guideline value is used to determine the applicable fees, which can influence the overall transaction cost. Buyers and sellers should be aware of the guideline value to understand their financial obligations during the property transfer process.

Frequently asked questions

What is the current guideline value for Arul Nagar Milk Colony 2nd Street?

The current guideline value for Arul Nagar Milk Colony 2nd Street 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Arul Nagar Milk Colony 2nd Street?

Arul Nagar Milk Colony 2nd Street is classified as Residential Class I Type - I.

What is the registration office for this street?

The registration office for Arul Nagar Milk Colony 2nd Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.