Guideline Value for Hitech City Phase I and II

Hitech City Phase I and II guideline value

The current guideline value for Hitech City Phase I and II is Rs 1,650 per sq.ft, effective from 1 July 2024. This property is located in Varadarajapuram village, under the Padappai SRO, and is classified as Residential Special Type - II.

How the guideline value of Hitech City Phase I and II has changed

The guideline value for Hitech City Phase I and II has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was set at Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value significantly increased by 49%, reaching Rs 1,500 per sq.ft. The most recent revision in 2024 saw a further increase to Rs 1,650 per sq.ft, reflecting a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is the same as the current value for Hitech City Phase I and II.

• Hill Road Avenue: Rs 1,100 per sq.ft (2024)
• Hidhyath Nagar: Rs 1,650 per sq.ft (2024)
• Gurupatham Nagar: Rs 1,100 per sq.ft (2024)
• Guru Ganesh Avenue Phase -III: Rs 3,700 per sq.ft (2024)
• Guru Ganesh Avenue Phase -II: Rs 2,750 per sq.ft (2024)
• GR Nagar Extn 1 to 6: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Hitech City Phase I and II

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total fees together to Rs 1,48,500. It is essential to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Hitech City Phase I and II?

The Sub Registrar Office that covers Hitech City Phase I and II is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Varadarajapuram. It serves as a benchmark for assessing the value of the property, ensuring that the registration fees and stamp duties are calculated accordingly.

When buying or selling property, the guideline value helps in determining the appropriate fees that need to be paid at the time of registration. This ensures transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value for Hitech City Phase I and II?

The current guideline value for Hitech City Phase I and II is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent increase from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024. Overall, from 2012 to 2024, there has been a 10% increase.

What is the registration office for Hitech City Phase I and II?

The registration office for Hitech City Phase I and II is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated for properties in Hitech City Phase I and II?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, on a 1,000 sq.ft plot at the current rate, the total guideline value is Rs 16,50,000, leading to a stamp duty of Rs 1,15,500.

What are the other streets in Varadarajapuram with their guideline values?

Other streets in Varadarajapuram include Hill Road Avenue at Rs 1,100 per sq.ft, Hidhyath Nagar at Rs 1,650 per sq.ft, and Guru Ganesh Avenue Phase -III at Rs 3,700 per sq.ft, among others.