Guideline Value for VARALAKSHMI AVENUE

Varalakshmi Avenue guideline value

The current guideline value of Varalakshmi Avenue is Rs 1,210 per sq.ft, effective from 1 July 2024. This street is located in Malayambakkam village, under the Kunrathur SRO, and is classified as Residential Special Type - I.

How the guideline value of Varalakshmi Avenue has changed

The guideline value for Varalakshmi Avenue has been revised several times over the years. The 2017 revision set the value at Rs 1,100 per sq.ft, which remained unchanged in the 2023 revision. However, the 2024 revision increased the value to Rs 1,210 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Malayambakkam

In Malayambakkam, there are 82 streets under the Kunrathur SRO that carry a guideline value for 2024, ranging from Rs 450 to Rs 2,750 per sq.ft. The median value among these streets is Rs 935 per sq.ft, placing Varalakshmi Avenue's 2024 figure above the median.

• Vasanthapuri: Rs 1,210 per sq.ft (2024)
• Vasanthapuri Phase I: Rs 1,210 per sq.ft (2024)
• VanasanthaPuri Extn: Rs 1,210 per sq.ft (2024)
• Vedhachalam Nagar: Rs 880 per sq.ft (2024)
• Vedhachalam Nagar Extn: Rs 880 per sq.ft (2024)
• Vembuli Amman Koil Street: Rs 880 per sq.ft (2024)

Stamp duty and registration fee for property in Varalakshmi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,210 per sq.ft, the total guideline value would be Rs 12,10,000. The stamp duty at 7% would amount to Rs 84,700, and the registration fee at 2% would be Rs 24,200, bringing the total fees to Rs 1,08,900. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Varalakshmi Avenue?

The Sub Registrar Office that covers Varalakshmi Avenue is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Malayambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Varalakshmi Avenue?

The current guideline value of Varalakshmi Avenue is Rs 1,210 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2017 to Rs 1,100 per sq.ft in 2023, and then to Rs 1,210 per sq.ft in 2024, marking a 10% increase from 2023 to 2024.

What is the classification of Varalakshmi Avenue?

Varalakshmi Avenue is classified as Residential Special Type - I under the land classification system.

What are the stamp duty rates for properties in Varalakshmi Avenue?

The stamp duty rate for properties in Varalakshmi Avenue is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find more information about the registration office?

The Kunrathur Sub Registrar Office covers Varalakshmi Avenue and is located at No.59, Road Street, Kundrathur, Chennai -600 069. More information can be found by visiting the link to find your SRO.