Guideline Value for Arul Nagar, Lakshmipuram (Ward-26)

Arul Nagar, Lakshmipuram (Ward-26) guideline value

The current guideline value of Arul Nagar, Lakshmipuram (Ward-26) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under Madhavaram village and is classified as Residential Class III Type - I. The relevant Sub Registrar Office for this locality is the Madhavaram SRO.

How the guideline value of Arul Nagar, Lakshmipuram (Ward-26) has changed

The guideline value for Arul Nagar, Lakshmipuram has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 804 per sq.ft. Following this, the 2023 revision increased the value to Rs 1,200 per sq.ft, and the most recent 2024 revision raised it to Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023. However, there was a decrease of 33% from the 2012 revision to 2017. Overall, from 2012 to 2024, the guideline value has increased by 8%. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, indicating that Arul Nagar, Lakshmipuram's current value is below this median.

• Arul Nagar K.K.Thazhai Main Rd Connecting Rd: Rs 2,200 per sq.ft (2024)
• Arul Nagar Milk Colony 1st Street: Rs 2,200 per sq.ft (2024)
• Arul Nagar Milk Colony 2nd Street: Rs 2,200 per sq.ft (2024)
• Arul Nagar Extension: Rs 2,200 per sq.ft (2024)
• Arul Nagar Road (Ward-3): Rs 2,200 per sq.ft (2024)
• Arul Nagar Cross st: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Arul Nagar, Lakshmipuram (Ward-26)

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 cost for these fees to Rs 1,17,000. 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 further calculations.

Which Sub Registrar Office covers Arul Nagar, Lakshmipuram (Ward-26)?

The Sub Registrar Office that covers Arul Nagar, Lakshmipuram (Ward-26) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is an essential factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are transparent and fair.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process helps in maintaining accurate records of property transactions and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Arul Nagar, Lakshmipuram (Ward-26)?

The current guideline value of Arul Nagar, Lakshmipuram (Ward-26) 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 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, reflecting an 8% increase. The value also saw significant changes from Rs 804 per sq.ft in 2017 and Rs 1,200 per sq.ft in 2012.

What is the land classification of Arul Nagar, Lakshmipuram (Ward-26)?

Arul Nagar, Lakshmipuram (Ward-26) is classified as Residential Class III Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Arul Nagar, Lakshmipuram (Ward-26)?

The Sub Registrar Office for Arul Nagar, Lakshmipuram (Ward-26) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How do stamp duty and registration fees work in Madhavaram?

Stamp duty and registration fees in Madhavaram are calculated based on the guideline value or the sale price, whichever is higher. These fees are essential for the legal registration of property transactions, ensuring compliance with local laws.