Guideline Value for VARATHARAJAPURAM 1ST STREET

Varatharajapuram 1st Street guideline value

The current guideline value of Varatharajapuram 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Varatharajapuram 1st Street has changed

The guideline value for Varatharajapuram 1st Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,500 per sq.ft, and the latest 2024 revision has set it at Rs 2,750 per sq.ft, marking a 10% increase from the previous year.

In summary, from the 2012 revision to the 2024 revision, the overall change is an increase of 10%. The changes between the revisions are notable: from 2017 to 2023, there was a significant increase of 49%, while the change from 2012 to 2017 was a decrease of 33%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, making the 2024 figure for Varatharajapuram 1st Street above this median.

• Varatharajapuram 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 2nd Street: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Varatharajan Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 3rd Street: Rs 2,750 per sq.ft (2024)
• Varatharajan Nagar 1st Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Varatharajapuram 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees together to Rs 2,47,500. 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 Varatharajapuram 1st Street?

The Sub Registrar Office that covers Varatharajapuram 1st Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the transaction reflects a fair assessment of the property's value according to government standards.

Frequently asked questions

What is the current guideline value of Varatharajapuram 1st Street?

The current guideline value of Varatharajapuram 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Varatharajapuram 1st Street?

The land classification for Varatharajapuram 1st Street is Residential Special Type - I.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500. Duty is charged on the higher of the guideline value and the sale price.

Which office handles property registrations for Varatharajapuram 1st Street?

The Chennai South Joint I Sub Registrar Office handles property registrations for Varatharajapuram 1st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.