Guideline Value for VARADAPPAN STREET

Varadappan Street guideline value

The current guideline value of Varadappan Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, and it falls under the Residential Class V Type - I land classification.

How the guideline value of Varadappan Street has changed

The guideline value for Varadappan Street has undergone several revisions over the years. In 2002, the guideline value was Rs 336 per sq.ft, which increased to Rs 369 per sq.ft in 2003, marking a 10% rise. The value saw a significant increase to Rs 500 per sq.ft in 2007, reflecting a 36% change. By 2012, the value remained at Rs 500 per sq.ft until it jumped to Rs 1,500 per sq.ft in 2012, resulting in a 200% increase. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft, a decline of 33%. The value then rose to Rs 1,500 per sq.ft in 2023, and as of the 2024 revision, it stands at Rs 1,600 per sq.ft, representing a 7% increase from the previous year.

The overall change from 2002 to 2024 shows a significant increase of 376%. There are no figures available for revisions in years not mentioned in the register.

Guideline values in Perambur

In Perambur village, there are 1,114 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, placing Varadappan Street's 2024 figure below that median.

• Vannan Medu 2nd Street: Rs 2,200 per sq.ft (2024)
• Vannan Medu 1st Street: Rs 2,200 per sq.ft (2024)
• Vannai Pandian Street: Rs 2,200 per sq.ft (2024)
• Vasan Street: Rs 3,800 per sq.ft (2024)
• Vasantham Garden East Avenue: Rs 4,300 per sq.ft (2024)
• Vasugi Nagar 1st Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Varadappan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees together to Rs 1,44,000. It is important to note that 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 detailed calculations.

Which Sub Registrar Office covers Varadappan Street?

The Sub Registrar Office that covers Varadappan 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 Perambur

The guideline value plays a crucial role in the registration process when buying or selling property. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers need to be aware that these fees are based on the higher of the guideline value or the sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Varadappan Street?

The current guideline value of Varadappan Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 336 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, reflecting an overall change of 376% over the years.

What is the land classification of Varadappan Street?

Varadappan Street is classified as Residential Class V Type - I, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Varadappan Street?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the guideline value of Rs 1,600 per sq.ft, the total fees would amount to Rs 1,44,000.