Guideline Value for VARAAVATHI STREET (WARD -1)

Varaavathi Street (Ward -1) guideline value

The current guideline value of Varaavathi Street (Ward -1) is Rs 770 per sq.ft, effective from 1 July 2024. This street is located in Konathi village and falls under the Chengleput Joint II SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Varaavathi Street (Ward -1) has changed

The guideline value for Varaavathi Street has seen several revisions over the years. The 2012 revision set the value at Rs 700 per sq.ft, which was then reduced to Rs 469 per sq.ft in the 2017 revision. Following this, the value increased to Rs 700 per sq.ft in the 2023 revision, and finally, it rose to Rs 770 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Konathi

In Konathi village, there are 131 streets under the Chengleput Joint II SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 2,500 per sq.ft. The median guideline value is Rs 770 per sq.ft, which is equal to the current value of Varaavathi Street.

• Varsha Avenue (Po): Rs 880 per sq.ft (2024)
• Vallancheri Colony Road (Ward -1): Rs 770 per sq.ft (2024)
• Vallancheri Anna Street (Ward -1): Rs 770 per sq.ft (2024)
• Vallalar Nagar Ambedkar Street (Ward-21): Rs 660 per sq.ft (2024)
• Vedhathiri Nagar (Val): Rs 880 per sq.ft (2024)
• Veerapthra Nagar (Ward-21): Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Varaavathi Street (Ward -1)

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty, charged at 7%, would amount to Rs 53,900, while the registration fee at 2% would be Rs 15,400. Together, the total cost for stamp duty and registration fee would be Rs 69,300. It is essential to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Varaavathi Street (Ward -1)?

The Sub Registrar Office that covers Varaavathi Street (Ward -1) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, 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 Konathi

The guideline value plays a crucial role in the registration process of property transactions in Konathi. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing a property. This value is essential for both buyers and sellers as it provides a basis for the financial aspects of the transaction.

When a property is sold, the guideline value is referenced to ensure that the transaction is in line with the values set by the registration department. This helps maintain transparency and consistency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Varaavathi Street (Ward -1)?

The current guideline value of Varaavathi Street (Ward -1) is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, then to Rs 700 per sq.ft in 2023, and finally to Rs 770 per sq.ft in 2024.

What is the land classification of Varaavathi Street (Ward -1)?

Varaavathi Street (Ward -1) is classified as Residential Class I Type - III.

Where can I find the Sub Registrar Office for this area?

The Chengleput Joint II Sub Registrar Office covers Varaavathi Street (Ward -1) and is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 7,70,000, the stamp duty would be Rs 53,900 at a rate of 7%.