Guideline Value for Arumuga Nagar 1st Street

Arumuga Nagar 1st Street guideline value

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

How the guideline value of Arumuga Nagar 1st Street has changed

The guideline value for Arumuga Nagar 1st Street has undergone several revisions over the years. The register shows no figures for the years 2002, 2003, 2007, and 2012. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision. This change represents a 49% increase between 2017 and 2023.

From 2023 to 2024, the guideline value rose by 10%, bringing it to Rs 2,200 per sq.ft. Overall, from 2017 to 2024, the guideline value has increased by 64%.

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, making the 2024 figure for Arumuga Nagar 1st Street below this median.

• Arumuga Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Arumuga Nagar 2nd street: Rs 2,200 per sq.ft (2024)
• Arumuga Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Arumugam Street Kanmalar Pon Nagar: Rs 2,750 per sq.ft (2024)
• Arumugam Street: Rs 2,200 per sq.ft (2024)
• Arumugam Nagar Main Road 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Arumuga Nagar 1st Street

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, bringing the total fees together to Rs 1,98,000. Duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Arumuga Nagar 1st Street?

The Sub Registrar Office that covers Arumuga Nagar 1st Street 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 details.

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

The guideline value is an essential factor when registering property transactions in Madipakkam-1. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value serves as a benchmark for the transaction price. Buyers and sellers should be aware of the guideline value to ensure compliance with registration requirements and to understand the financial implications of the transaction.

Frequently asked questions

What is the current guideline value of Arumuga Nagar 1st Street?

The current guideline value of Arumuga Nagar 1st 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 increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking a total increase of 64% over this period.

What is the median guideline value in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft, with Arumuga Nagar 1st Street's current value being below this median.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, on a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles the registration of properties in the area.