Guideline Value for MMDA G – Block 1st Lane

MMDA G – Block 1st Lane guideline value

The current guideline value of MMDA G – Block 1st Lane is Rs 6,000 per sq.ft, effective from 1 July 2024. This property is located in Arumbakkam village, under the Kodambakkam SRO, and is classified as Residential Special Type - II.

How the guideline value of MMDA G – Block 1st Lane has changed

The guideline value for MMDA G – Block 1st Lane has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 5,500 per sq.ft. In 2017, the value decreased to Rs 3,685 per sq.ft, showing a decline of 33%. However, by 2023, the guideline value increased significantly to Rs 5,500 per sq.ft, and the most recent revision in 2024 has set it at Rs 6,000 per sq.ft, marking a 9% increase from the previous year.

From 2017 to 2023, the guideline value saw a substantial rise of 49%. Overall, from 2012 to 2024, the guideline value has increased by 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value for these streets is Rs 6,000 per sq.ft, which is the same as the current guideline value for MMDA G – Block 1st Lane.

• MMDA F-Block Dr.Ambedkar Street: Rs 6,000 per sq.ft (2024)
• MMDA G Block - Vallalar Street: Rs 6,000 per sq.ft (2024)
• MMDA F Block - Ambedkar Cross Street: Rs 6,000 per sq.ft (2024)
• Mmda H - Block - Thirumagal Street: Rs 6,000 per sq.ft (2024)
• MMDA E- Block 8th Lane: Rs 6,000 per sq.ft (2024)
• MMDA N Block –Bagatsing 1st Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in MMDA G – Block 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would amount to Rs 60,00,000. The stamp duty, calculated at 7%, would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total cost for these fees to Rs 5,40,000. 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 MMDA G – Block 1st Lane?

The Kodambakkam Sub Registrar Office covers MMDA G – Block 1st Lane. The office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

When buying or selling property in Arumbakkam, the guideline value plays a crucial role in determining the registration fees and stamp duty. The guideline value is used to calculate these fees, ensuring that both parties are aware of the financial implications of the transaction.

It is important for buyers and sellers to be informed about the current guideline value, as it directly affects the costs associated with property registration. Understanding these values can help in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of MMDA G – Block 1st Lane?

The current guideline value of MMDA G – Block 1st Lane is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,500 per sq.ft in 2012 to Rs 3,685 per sq.ft in 2017, then increased to Rs 5,500 per sq.ft in 2023, and finally to Rs 6,000 per sq.ft in 2024.

What is the land classification for MMDA G – Block 1st Lane?

MMDA G – Block 1st Lane is classified as Residential Special Type - II.

What are the stamp duty and registration fees for property in MMDA G – Block 1st Lane?

For a 1,000 sq.ft plot, the total guideline value is Rs 60,00,000, leading to a stamp duty of Rs 4,20,000 and a registration fee of Rs 1,20,000, totaling Rs 5,40,000.

Which office handles the registration for MMDA G – Block 1st Lane?

The Kodambakkam Sub Registrar Office handles the registration for MMDA G – Block 1st Lane, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.