Guideline Value for VARALAKSHMI GARDEN & EXTENSION

Varalakshmi Garden & Extension guideline value

The current guideline value of Varalakshmi Garden & Extension is Rs 300 per sq.ft, effective from 1 July 2024. This area is located in Seethalamangalam village under the Madurandakam SRO, classified as Mixed Type - I land.

How the guideline value of Varalakshmi Garden & Extension has changed

The guideline value for Varalakshmi Garden & Extension has undergone several revisions over the years. In 2012, the value was set at Rs 300 per sq.ft, which remained unchanged in the subsequent 2017 revision, where it was adjusted to Rs 201 per sq.ft. The 2023 revision saw the value return to Rs 300 per sq.ft, and this figure was maintained in the 2024 revision, showing no change from the previous year.

When looking at the changes between revisions, the value increased by 49% from Rs 201 in 2017 to Rs 300 in 2023. However, from 2012 to 2017, there was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has remained stable at Rs 300 per sq.ft.

Guideline values in Seethalamangalam

In Seethalamangalam, five streets are assigned a guideline value for 2024, ranging from Rs 101 to Rs 300 per sq.ft. The median value for these streets is Rs 300 per sq.ft, and Varalakshmi Garden & Extension aligns with this median value.

• Victory Nagar: Rs 300 per sq.ft (2024)
• Sai Dhanalakshmi Nagar: Rs 101 per sq.ft (2024)
• J.P. Roberts Residency: Rs 300 per sq.ft (2024)
• Dharsini Nagar: Rs 300 per sq.ft (2024)

Stamp duty and registration fee for property in Varalakshmi Garden & Extension

For a 1,000 sq.ft plot at the current rate of Rs 300 per sq.ft, the guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, totaling Rs 27,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Varalakshmi Garden & Extension?

The Varalakshmi Garden & Extension area is covered by the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is essential during the registration of property transactions in Seethalamangalam. It serves as a basis for calculating the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared with the sale price, and the higher amount is used to determine 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 Garden & Extension?

The current guideline value of Varalakshmi Garden & Extension is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 300 per sq.ft since 2012, with a notable increase from Rs 201 in 2017 to Rs 300 in 2023. There was a 33% decrease from 2012 to 2017, but overall, the value has not changed from 2012 to 2024.

What are the stamp duty and registration fees for property in Varalakshmi Garden & Extension?

For a 1,000 sq.ft plot at the guideline value of Rs 300 per sq.ft, the total stamp duty and registration fees would be Rs 27,000. This includes a stamp duty of Rs 21,000 and a registration fee of Rs 6,000.

Which Sub Registrar Office covers Varalakshmi Garden & Extension?

The Madurandakam Sub Registrar Office covers Varalakshmi Garden & Extension, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees when buying or selling property. It is compared with the sale price, and the higher value is used to determine the applicable charges during registration.