Guideline Value for VARALAKSHMI NAGAR

Varalakshmi Nagar guideline value

The current guideline value of Varalakshmi Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Vengathur village and falls under the Manavalanagar SRO. The land classification for this street is Commercial Class I Type - III.

How the guideline value of Varalakshmi Nagar has changed

The guideline value for Varalakshmi Nagar has undergone several revisions over the years. In 2007, the value was set at Rs 150 per sq.ft, which increased significantly to Rs 1,300 per sq.ft in 2012, marking a rise of 767%. The value then decreased to Rs 871 per sq.ft in 2017, before rising again to Rs 1,300 per sq.ft in both 2023 and 2024, with no change between these two years.

There are no figures available for the years 2002 and 2003 in the register for this street. From 2017 to 2023, the value increased by 49%, and overall, from 2007 to 2024, there has been a total increase of 767%.

Guideline values in Vengathur

In Vengathur village, there are 186 streets under the Manavalanagar SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 2,000 per sq.ft. The median value for these streets is Rs 1,000 per sq.ft, placing Varalakshmi Nagar's 2024 figure above this median.

• Va.Voo.See. Street: Rs 1,300 per sq.ft (2024)
• Valli Street: Rs 800 per sq.ft (2024)
• Veenas Street: Rs 800 per sq.ft (2024)
• Veeramamunivar Street: Rs 800 per sq.ft (2024)
• Vallalar Street: Rs 800 per sq.ft (2024)
• Valavan Street: Rs 800 per sq.ft (2024)

Stamp duty and registration fee for property in Varalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. The duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Varalakshmi Nagar?

The Sub Registrar Office that covers Varalakshmi Nagar is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions within Vengathur. It serves as the basis for calculating stamp duty and registration fees during the transfer of property ownership.

When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately, reflecting the value of the property as determined by the government. This helps maintain transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Varalakshmi Nagar?

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

How has the guideline value changed over the years?

The guideline value has seen several revisions, with significant increases from Rs 150 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2012, and again to Rs 1,300 per sq.ft in 2023 and 2024.

What are the other streets in Vengathur and their guideline values?

Other streets in Vengathur include Va.Voo.See. Street at Rs 1,300 per sq.ft, and several streets like Valli Street, Veenas Street, Veeramamunivar Street, Vallalar Street, and Valavan Street, all at Rs 800 per sq.ft for 2024.

Where can I find the Sub Registrar Office for Varalakshmi Nagar?

The Sub Registrar Office for Varalakshmi Nagar is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.

How is the stamp duty calculated for properties in Varalakshmi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 13,00,000 would incur a stamp duty of Rs 91,000 at 7%.