Guideline Value for VARADAMMAL GARDEN 3RD STREET

Varadammal Garden 3rd Street guideline value

The current guideline value of Varadammal Garden 3rd Street is Rs 7,100 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 II Type - III.

How the guideline value of Varadammal Garden 3rd Street has changed

The guideline value for Varadammal Garden 3rd Street has undergone 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, there was a decrease to Rs 4,355 per sq.ft in 2017. In 2023, the value rose to Rs 6,500 per sq.ft, and it further increased to Rs 7,100 per sq.ft in the 2024 revision, reflecting a change of +9% from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by +294%. The register has no figures for the years 2002 and 2003 regarding this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, placing Varadammal Garden 3rd Street above this median.

• Varadammal Garden 2nd Street: Rs 7,100 per sq.ft (2024)
• Varadammal Garden Extension: Rs 7,100 per sq.ft (2024)
• Varadammal Garden 1st Street: Rs 7,100 per sq.ft (2024)
• Varadammal Garden Street: Rs 7,100 per sq.ft (2024)
• Varadachari Lane: Rs 4,900 per sq.ft (2024)
• Vardarajulu Naidu Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Varadammal Garden 3rd 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, while the registration fee at 2% would be Rs 1,42,000, bringing the total fees to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Varadammal Garden 3rd Street?

The Sub Registrar Office that covers Varadammal Garden 3rd 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 is a crucial factor in property transactions within Purasaivakkam. It is used to determine the stamp duty and registration fees applicable during the sale or purchase of property. Buyers should be aware that the guideline value can significantly impact the overall cost of property transactions.

When registering a property, the guideline value serves as a benchmark to ensure that the transaction is recorded accurately. It is essential for both buyers and sellers to understand this value to navigate the registration process effectively.

Frequently asked questions

What is the current guideline value of Varadammal Garden 3rd Street?

The current guideline value of Varadammal Garden 3rd Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen fluctuations, starting from Rs 1,800 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024. The most significant increase occurred between 2007 and 2012, and again from 2017 to 2024.

What is the land classification for Varadammal Garden 3rd Street?

The land classification for Varadammal Garden 3rd Street is Residential Class II Type - III.

What is the registration office for Varadammal Garden 3rd Street?

The registration office for Varadammal Garden 3rd Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the stamp duty calculated for properties in Purasaivakkam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 71,00,000 would incur a stamp duty of Rs 4,97,000 at a rate of 7%.