Guideline Value for VARADAMMAL GARDEN 2ND STREET

Varadammal Garden 2nd Street guideline value

The current guideline value of Varadammal Garden 2nd Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village under the Purasaivakkam SRO, and it falls under the Residential Class II Type - III land classification.

How the guideline value of Varadammal Garden 2nd Street has changed

The guideline value for Varadammal Garden 2nd Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,800 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in the 2012 revision. However, this figure dropped to Rs 4,355 per sq.ft in the 2017 revision, marking a decrease of 33%. The 2023 revision then brought the value back up to Rs 6,500 per sq.ft, before the current value of Rs 7,100 per sq.ft was established in the 2024 revision, reflecting a 9% increase.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 294%. Notably, 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, with a median value of Rs 5,500 per sq.ft. The guideline value of Varadammal Garden 2nd Street is above this median.

• Varadammal Garden 1st 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)
• Varadachari Lane: Rs 4,900 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 Varadammal Garden 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total cost for these fees to Rs 6,39,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Varadammal Garden 2nd Street?

The Sub Registrar Office that covers Varadammal Garden 2nd Street 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 plays a crucial role in the registration process of property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the fees are based on the official valuation of the property, which is essential for legal and financial purposes.

Frequently asked questions

What is the current guideline value of Varadammal Garden 2nd Street?

The current guideline value of Varadammal Garden 2nd Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 294% over the years.

What are the other streets with the same guideline value in Purasaivakkam?

Other streets in Purasaivakkam with the same guideline value of Rs 7,100 per sq.ft include Varadammal Garden 1st Street, Varadammal Garden 3rd Street, Varadammal Garden Extension, and Varadammal Garden Street.

What is the stamp duty rate for properties in Varadammal Garden 2nd Street?

The stamp duty rate for properties in Varadammal Garden 2nd Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Varadammal Garden 2nd Street?

The Sub Registrar Office for Varadammal Garden 2nd Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.