Guideline Value for National Highway Road

National Highway Road guideline value

The current guideline value of National Highway Road in Varadharajapuram village is Rs 2,530 per sq.ft, effective from 1 July 2024. This area falls under the Poonamallee Sub Registrar Office (SRO) and is classified as Commercial Special Type - I.

How the guideline value of National Highway Road has changed

The guideline value for National Highway Road has seen several revisions over the years. The 2012 revision set the value at Rs 2,300 per sq.ft. This was followed by a significant decrease to Rs 1,541 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased to Rs 2,300 per sq.ft, marking a 49% rise. The most recent revision in 2024 raised the value to Rs 2,530 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Varadharajapuram

In Varadharajapuram, there are six streets under the Poonamallee SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 3,825 per sq.ft. The guideline value of National Highway Road is equal to the median value of Rs 2,530 per sq.ft for these streets.

• Ocean Sundar Gateway: Rs 3,825 per sq.ft (2024)
• K.V.R Nagar: Rs 2,530 per sq.ft (2024)
• Bala Murugan Nagar Part-III: Rs 3,825 per sq.ft (2024)
• Bala Murugan Nagar Part II Extension: Rs 1,800 per sq.ft (2024)
• Bala Murugan Nagar Part II: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in National Highway Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value would be Rs 25,30,000. The stamp duty, charged at 7%, would amount to Rs 1,77,100, while the registration fee at 2% would be Rs 50,600. Together, the total cost for stamp duty and registration would be Rs 2,27,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers National Highway Road?

The National Highway Road is covered by the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Varadharajapuram. It serves as a benchmark for determining the minimum value at which property transactions can be registered. This ensures that the government receives appropriate revenue through stamp duty and registration fees based on the guideline value.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers and sellers must ensure that the transaction reflects the guideline value to avoid any legal issues during the registration process.

Frequently asked questions

What is the current guideline value of National Highway Road?

The current guideline value of National Highway Road in Varadharajapuram is Rs 2,530 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then back to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,530 per sq.ft in 2024.

What are the other streets in Varadharajapuram with guideline values?

Other streets in Varadharajapuram include Ocean Sundar Gateway, K.V.R Nagar, Bala Murugan Nagar Part-III, Bala Murugan Nagar Part II Extension, and Bala Murugan Nagar Part II, with values ranging from Rs 1,100 to Rs 3,825 per sq.ft.

How is stamp duty calculated for properties in National Highway Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 25,30,000, the stamp duty would be Rs 1,77,100 at 7%.

Which office handles property registrations for National Highway Road?

The Poonamallee Sub Registrar Office handles property registrations for National Highway Road, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.