Guideline Value for Arumugam Street

Arumugam Street guideline value

The current guideline value of Arumugam Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the Sowcarpet SRO, and is classified as Residential Class I Type - I.

How the guideline value of Arumugam Street has changed

The guideline value for Arumugam Street has seen several revisions over the years. In 2003, the value was Rs 936 per sq.ft, which increased to Rs 1,200 per sq.ft in 2007, marking a significant rise of 28%. The value then jumped to Rs 4,000 per sq.ft in 2012, reflecting a remarkable increase of 233%. However, it decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft as of the 2024 revision, showing a 10% increase from the previous year.

It is important to note that there is no figure available for the 2002 revision in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by 370%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value is Rs 4,400 per sq.ft, which matches the current guideline value of Arumugam Street.

• Arunachalam Mudali Street: Rs 4,400 per sq.ft (2024)
• Ashabegam Street: Rs 4,400 per sq.ft (2024)
• Arak Godown Street: Rs 3,800 per sq.ft (2024)
• Appu Maistry Street: Rs 4,900 per sq.ft (2024)
• Appasamy Mudali Street: Rs 4,900 per sq.ft (2024)
• Appasamy Lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Arumugam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, leading to a total of Rs 3,96,000. 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 precise calculations based on your property details.

Which Sub Registrar Office covers Arumugam Street?

Arumugam Street falls under the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for further assistance.

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

The guideline value is a critical factor when registering property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value impacts the calculation of stamp duty and registration fees, which are essential costs associated with the transaction. Buyers should ensure they are aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Arumugam Street?

The current guideline value of Arumugam Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, starting from Rs 936 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting a total increase of 370% over this period.

What is the stamp duty rate for properties in Arumugam Street?

The stamp duty rate for properties in Arumugam Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sowcarpet Sub Registrar Office located?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum value for property registration and impacts the calculation of stamp duty and registration fees during a transaction.