Guideline Value for VARASITHI VINAYAGAR KOIL STREET

Varasithi Vinayagar Koil Street guideline value

The current guideline value of Varasithi Vinayagar Koil Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village, under the Chennai South Joint II SRO, and is classified as Residential Class III Type - I.

How the guideline value of Varasithi Vinayagar Koil Street has changed

The guideline value for Varasithi Vinayagar Koil Street has seen significant changes over the years. In the 2002 revision, the value was Rs 503 per sq.ft, which increased to Rs 631 per sq.ft in 2003, marking a 25% rise. The value continued to grow, reaching Rs 1,100 per sq.ft in 2007, a 74% increase from the previous year. In 2012, the value was Rs 3,000 per sq.ft, reflecting a substantial 173% increase from 2007. However, this value decreased by 33% to Rs 2,010 per sq.ft in 2017. The guideline value then rose to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 556%. The revisions from 2017 to 2023 show a 49% increase, while the 2012 to 2017 revision indicates a decrease. Notably, the register has no figure for the years between 2012 and 2017 for this street.

Guideline values in Saidapet

Saidapet village has 106 streets under the Chennai South Joint II SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, indicating that Varasithi Vinayagar Koil Street's 2024 figure is below that median.

• Vathiyar Subbaraya Mudali Street: Rs 4,400 per sq.ft (2024)
• Vgp Salai Iiird Street: Rs 4,950 per sq.ft (2024)
• Vgp Salai Iind Street: Rs 4,950 per sq.ft (2024)
• Vgp Salai Ist Street: Rs 4,950 per sq.ft (2024)
• Thiruvalluvar Street: Rs 3,300 per sq.ft (2024)
• Vinayagam Koil Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Varasithi Vinayagar Koil Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 more details.

Which Sub Registrar Office covers Varasithi Vinayagar Koil Street?

The Sub Registrar Office covering Varasithi Vinayagar Koil Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. For more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Saidapet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers must be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can influence the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Varasithi Vinayagar Koil Street?

The current guideline value of Varasithi Vinayagar Koil Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 503 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 556% over the years.

What is the land classification for Varasithi Vinayagar Koil Street?

Varasithi Vinayagar Koil Street is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Varasithi Vinayagar Koil Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

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 property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000.