Guideline Value for MMDA N Block –Bagatsing 2nd Street

MMDA N Block –Bagatsing 2nd Street guideline value

The current guideline value of MMDA N Block –Bagatsing 2nd Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Arumbakkam village, under the Kodambakkam SRO, and is classified as Residential Special Type - II.

How the guideline value of MMDA N Block –Bagatsing 2nd Street has changed

The guideline value for MMDA N Block –Bagatsing 2nd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 5,500 per sq.ft. This was followed by a decrease to Rs 3,685 per sq.ft in 2017, before increasing again to Rs 5,500 per sq.ft in 2023. The most recent revision in 2024 raised the value to Rs 6,000 per sq.ft, marking a 9% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 9%. The changes from the earlier revisions include a significant 49% increase from 2017 to 2023, and a decrease of 33% from 2012 to 2017. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median guideline value is Rs 6,000 per sq.ft, which is equal to the current guideline value of MMDA N Block –Bagatsing 2nd Street.

• MMDA N Block –Bagatsing 1st Street: Rs 6,000 per sq.ft (2024)
• MMDA N Block –Bagatsing 3rd Street: Rs 6,000 per sq.ft (2024)
• Mmda H - Block - Thirumagal Street: Rs 6,000 per sq.ft (2024)
• MMDA P – Block M.G.R 5th Street: Rs 6,000 per sq.ft (2024)
• MMDA G Block - Vallalar Street: Rs 6,000 per sq.ft (2024)
• MMDA P Block M.G.R. Street (or) M.G.R.Main Road: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in MMDA N Block –Bagatsing 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total charges to Rs 5,40,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more accurate estimates.

Which Sub Registrar Office covers MMDA N Block –Bagatsing 2nd Street?

The MMDA N Block –Bagatsing 2nd Street falls under the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Arumbakkam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration office will use it to calculate applicable duties and fees.

When a property is sold, the guideline value helps ensure transparency in transactions. It serves as a benchmark for the registration process, ensuring that all properties are valued fairly based on established rates, which helps maintain consistency across the real estate market.

Frequently asked questions

What is the current guideline value for MMDA N Block –Bagatsing 2nd Street?

The current guideline value for MMDA N Block –Bagatsing 2nd Street 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 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 this street?

MMDA N Block –Bagatsing 2nd Street is classified as Residential Special Type - II.

Where is the Kodambakkam Sub Registrar Office located?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is stamp duty calculated for properties in Arumbakkam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 60,00,000 would incur a stamp duty of Rs 4,20,000 at a rate of 7%.