Guideline Value for VARADAMMAL GARDEN EXTENSION

Varadammal Garden Extension guideline value

The current guideline value of Varadammal Garden Extension is Rs 7,100 per sq.ft, effective from 1 July 2024. This area is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class II Type - III.

How the guideline value of Varadammal Garden Extension has changed

The guideline value for Varadammal Garden Extension has seen several revisions over the years. In 2007, the guideline value was Rs 1,800 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in 2012, marking a 261% rise. However, from 2012 to 2017, the value decreased to Rs 4,355 per sq.ft, a decline of 33%. The value then rose again to Rs 6,500 per sq.ft in 2023, and the latest revision in 2024 set the value at Rs 7,100 per sq.ft, reflecting a 9% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 294%. The register does not provide figures for the years 2002 and 2003 for 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 as of 2024. The median guideline value is Rs 5,500 per sq.ft, making the current value of Varadammal Garden Extension above this median.

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

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 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 Varadammal Garden Extension?

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

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

The guideline value is a crucial factor in property transactions in Purasaivakkam, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of property transactions. Ensuring that the property is registered at or above the guideline value helps maintain transparency and legality in real estate dealings.

Frequently asked questions

What is the current guideline value of Varadammal Garden Extension?

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

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 1,800 per sq.ft to Rs 7,100 per sq.ft in 2024, with various fluctuations in between. Notably, there was a significant increase of 261% from 2007 to 2012, followed by a decrease to Rs 4,355 per sq.ft in 2017, and then a rise to Rs 6,500 per sq.ft in 2023.

What is the land classification for Varadammal Garden Extension?

Varadammal Garden Extension is classified as Residential Class II Type - III, which indicates its suitability for residential purposes under the local regulations.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher. For instance, a 1,000 sq.ft plot at the current guideline value incurs a total fee of Rs 6,39,000.

Where can I find the Sub Registrar Office for Varadammal Garden Extension?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. This office handles all registrations for properties in Varadammal Garden Extension.