Guideline Value for Arumugam Street Kanmalar Pon Nagar

Arumugam Street Kanmalar Pon Nagar guideline value

The current guideline value of Arumugam Street Kanmalar Pon Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This property is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - III.

How the guideline value of Arumugam Street Kanmalar Pon Nagar has changed

The guideline value of Arumugam Street Kanmalar Pon Nagar has undergone several revisions over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision. The latest revision in 2024 raised the value to Rs 2,750 per sq.ft, reflecting 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 revisions in the years 2002, 2003, 2007, and 2012 for this street. The increase from 2017 to 2023 was significant, at 49%, indicating a notable change in the property valuation over that period.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a guideline value for 2024 ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value is Rs 2,750 per sq.ft, which matches the current value for Arumugam Street Kanmalar Pon Nagar.

• Arumugam Street: Rs 2,200 per sq.ft (2024)
• Arumuga Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• 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 Nagar Main Road 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Arumugam Street Kanmalar Pon Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees to Rs 2,47,500. 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 Arumugam Street Kanmalar Pon Nagar?

The Sub Registrar Office that covers Arumugam Street Kanmalar Pon 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 more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value on which stamp duty and registration fees are calculated. When buying or selling property in Madipakkam-1, the guideline value ensures that the transaction is recorded accurately in accordance with government regulations.

Additionally, the guideline value helps in establishing transparency in property transactions, providing a standardized valuation that can be relied upon by both buyers and sellers. This ensures that the property is assessed fairly based on the prevailing rates in the area.

Frequently asked questions

What is the current guideline value of Arumugam Street Kanmalar Pon Nagar?

The current guideline value of Arumugam Street Kanmalar Pon Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 64% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles registrations for Arumugam Street Kanmalar Pon Nagar?

The Velacheri Sub Registrar Office handles registrations for Arumugam Street Kanmalar Pon Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Arumugam Street Kanmalar Pon Nagar?

The land classification for Arumugam Street Kanmalar Pon Nagar is Residential Class I Type - III.