Guideline Value for M.Varadharasan Nagar Extension Part

M.Varadharasan Nagar Extension Part guideline value

The current guideline value for M.Varadharasan Nagar Extension Part is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - III.

How the guideline value of M.Varadharasan Nagar Extension Part has changed

The guideline value for M.Varadharasan Nagar Extension Part has undergone several revisions over the years. The earliest available revision in the register is from 2012, which set the value at Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in 2017. The value then increased to Rs 1,500 per sq.ft in 2023, and currently stands at Rs 1,650 per sq.ft as of the 2024 revision. There are no figures available for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The most recent change from 2023 to 2024 reflects a 10% increase, bringing the overall change from 2012 to 2024 to a 10% increase.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current value for M.Varadharasan Nagar Extension Part.

• Muthuvel Nagar: Rs 3,850 per sq.ft (2024)
• Muthumarriamman Koil Street: Rs 3,850 per sq.ft (2024)
• Najeeb Avenue: Rs 1,650 per sq.ft (2024)
• Najeeb Avenue 2nd Street: Rs 1,650 per sq.ft (2024)
• Najeeb Avenue 3rd Street: Rs 1,650 per sq.ft (2024)
• Najeeb Avenue 4th Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in M.Varadharasan Nagar Extension Part

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 cost to Rs 1,48,500. It is important 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 detailed calculations.

Which Sub Registrar Office covers M.Varadharasan Nagar Extension Part?

The Sub Registrar Office that covers M.Varadharasan Nagar Extension Part is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, both parties must consider the guideline value to calculate the applicable fees accurately. This helps in maintaining transparency in property transactions and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value for M.Varadharasan Nagar Extension Part?

The current guideline value for M.Varadharasan Nagar Extension Part 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 changed from Rs 1,500 per sq.ft in 2012 to Rs 1,650 per sq.ft in 2024, with various fluctuations in between, including a decrease to Rs 1,005 per sq.ft in 2017 and an increase to Rs 1,500 per sq.ft in 2023.

What is the role of the Tambaram Joint 1 SRO?

The Tambaram Joint 1 SRO is responsible for maintaining the guideline value register and facilitating the registration of properties in the Chitlapakkam area, including M.Varadharasan Nagar Extension Part.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.

What should I do if I need to find my SRO?

You can easily find your SRO by visiting the appropriate online resources, such as the find your SRO link, which provides information on local registration offices.