Guideline Value for VARADACHARI LANE

Varadachari Lane guideline value

The current guideline value of Varadachari Lane is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of Varadachari Lane has changed

Over the years, the guideline value of Varadachari Lane has seen several revisions. In the 2007 revision, the value was Rs 1,100 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012. However, it dropped to Rs 3,015 per sq.ft in the 2017 revision. The 2023 revision saw a substantial increase to Rs 4,500 per sq.ft, and the latest revision in 2024 has raised it further to Rs 4,900 per sq.ft.

The changes between revisions show a +309% increase from 2007 to 2012, a -33% decrease from 2012 to 2017, a +49% increase from 2017 to 2023, and a +9% increase from 2023 to 2024. The overall increase from the 2007 revision to the 2024 revision is +345%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, placing Varadachari Lane's 2024 figure below this median.

• Varadammal Garden 1st Street: Rs 7,100 per sq.ft (2024)
• Varadammal Garden 2nd Street: Rs 7,100 per sq.ft (2024)
• Varadammal Garden 3rd Street: Rs 7,100 per sq.ft (2024)
• Varadammal Garden Extension: Rs 7,100 per sq.ft (2024)
• Varadammal Garden Street: Rs 7,100 per sq.ft (2024)
• Vardarajulu Naidu Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Varadachari Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total to Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Varadachari Lane?

The Sub Registrar Office that covers Varadachari Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value helps both buyers and sellers understand the valuation of the property. It is essential for buyers to be aware of the guideline value to ensure that they are not overpaying for a property, while sellers need to consider it when setting their sale prices.

Frequently asked questions

What is the current guideline value of Varadachari Lane?

The current guideline value of Varadachari Lane is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, showing an overall increase of +345% over the years.

What is the land classification for Varadachari Lane?

Varadachari Lane is classified as Residential Class III Type - II.

Where can I find the Purasaivakkam Sub Registrar Office?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the stamp duty calculated for properties in Varadachari Lane?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 3,43,000.