Guideline Value for VATHALAKUNDU ARUMUGAM NAGAR

Vathalakundu Arumugam Nagar guideline value

The current guideline value of Vathalakundu Arumugam Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Arumbakkam village and falls under the Kodambakkam SRO. The land classification for this street is Residential Class V Type - I.

How the guideline value of Vathalakundu Arumugam Nagar has changed

The guideline value for Vathalakundu Arumugam Nagar has seen several revisions over the years. The earliest recorded value was Rs 414 per sq.ft in 2002, which increased to Rs 456 per sq.ft in 2003, marking a 10% rise. Following this, the value jumped significantly to Rs 700 per sq.ft in 2007, reflecting a 54% increase. The value then surged to Rs 3,000 per sq.ft in 2012, a remarkable 329% increase from the previous revision. However, it decreased to Rs 2,010 per sq.ft in 2017, showing a decline of 33%.

In 2023, the guideline value rose to Rs 3,000 per sq.ft, and in the latest revision for 2024, it has increased to Rs 3,300 per sq.ft, which is a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 697%.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO, with 2024 guideline values 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, indicating that Vathalakundu Arumugam Nagar's current guideline value is below this median.

• Vathalakundu Arumugam Nagar III Rd Street: Rs 3,300 per sq.ft (2024)
• Vathalakundu Arumugam Nagar II Nd Street: Rs 3,300 per sq.ft (2024)
• Vathalakundu Arumugam Nagar I St Street: Rs 3,300 per sq.ft (2024)
• Vathalakundu Arumugam Nagar IV Th Street: Rs 3,300 per sq.ft (2024)
• Vasuki Street: Rs 4,400 per sq.ft (2024)
• Veena Garden: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Vathalakundu Arumugam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty is calculated at 7%, resulting in Rs 2,31,000, and the registration fee is charged at 2%, amounting to Rs 66,000. Together, the total cost for stamp duty and registration fee would be Rs 2,97,000. 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 information.

Which Sub Registrar Office covers Vathalakundu Arumugam Nagar?

The Sub Registrar Office that covers Vathalakundu Arumugam Nagar is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more details.

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

The guideline value plays a crucial role during property transactions in Arumbakkam. It is the minimum value set by the government for registration purposes, ensuring that properties are registered at a value that reflects the market conditions. Buyers and sellers must be aware of this value as it directly impacts the stamp duty and registration fees applicable during the transaction.

When purchasing property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, and it is essential for both parties to understand this to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vathalakundu Arumugam Nagar?

The current guideline value of Vathalakundu Arumugam Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 414 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 697% over the years.

What are the stamp duty and registration fees for property in Vathalakundu Arumugam Nagar?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles registrations for Vathalakundu Arumugam Nagar?

The Kodambakkam Sub Registrar Office is responsible for handling registrations for Vathalakundu Arumugam Nagar, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

What is the significance of the guideline value in property transactions?

The guideline value is the minimum value set for property registration, impacting the stamp duty and registration fees. It ensures that properties are registered at a value that reflects market conditions, which is essential for both buyers and sellers during transactions.