Guideline Value for Arumuga Nagar 2nd street

Arumuga Nagar 2nd street guideline value

The current guideline value of Arumuga Nagar 2nd 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. The land classification for this area is Residential Class II Type - I.

How the guideline value of Arumuga Nagar 2nd street has changed

The guideline value for Arumuga Nagar 2nd street has undergone several revisions over the years. The 2017 revision set the value at 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 has further increased the guideline value to Rs 2,200 per sq.ft, representing 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 revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a guideline value for 2024, 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 current value of Arumuga Nagar 2nd street below this median.

• Arumuga Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Arumuga Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Arumuga Nagar 1st 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 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 for stamp duty and registration 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 Arumuga Nagar 2nd street?

The Sub Registrar Office that covers Arumuga Nagar 2nd 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 information.

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

The guideline value plays a crucial role in the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Arumuga Nagar 2nd street?

The current guideline value of Arumuga Nagar 2nd street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much 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 a total increase of 64% over this period.

What are the stamp duty and registration fees for property in Arumuga Nagar 2nd street?

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 1,98,000, based on the current guideline value.

Which Sub Registrar Office covers this area?

The Velacheri Sub Registrar Office covers Arumuga Nagar 2nd street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Arumuga Nagar 2nd street?

The land classification for Arumuga Nagar 2nd street is Residential Class II Type - I.