Guideline Value for VARADHARAJ GARDEN

Varadharaj Garden guideline value

The current guideline value of Varadharaj Garden is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Chemmancheri village under the Neelankarai SRO, classified as Residential Class IV Type - II.

How the guideline value of Varadharaj Garden has changed

Over the years, the guideline value of Varadharaj Garden has seen several revisions. The 2012 revision set the value at Rs 1,000 per sq.ft, which then decreased to Rs 670 per sq.ft in the 2017 revision. The value rose significantly in the 2023 revision to Rs 1,000 per sq.ft, and further increased to Rs 1,100 per sq.ft in the 2024 revision, marking a 10% rise from the previous year.

From 2012 to 2017, there was a decrease of 33%, followed by a substantial increase of 49% from 2017 to 2023. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chemmancheri

In Chemmancheri, there are 195 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 6,600 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, indicating that Varadharaj Garden's 2024 figure is below this median.

• Vedagiri Garden: Rs 1,100 per sq.ft (2024)
• Veerapandiya Kattapomman Street: Rs 1,700 per sq.ft (2024)
• Vallabhai Patel Road: Rs 2,800 per sq.ft (2024)
• Veervanjinathan Street: Rs 1,700 per sq.ft (2024)
• Vellai Garden: Rs 1,700 per sq.ft (2024)
• Velu Garden: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Varadharaj Garden

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value would amount to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Varadharaj Garden?

The Varadharaj Garden area is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Chemmancheri. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property in the area.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government collects the appropriate taxes associated with the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Varadharaj Garden?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then increased to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Varadharaj Garden?

Varadharaj Garden is classified as Residential Class IV Type - II according to the local regulations.

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

Stamp duty is charged at 7% of the guideline value or sale price, while the registration fee is 2%. For a property valued at Rs 11,00,000, the total fees would amount to Rs 99,000.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.