Guideline Value for VARATHARAJAPURAM 2ND CROSS STREET

Varatharajapuram 2nd Cross Street guideline value

The current guideline value of Varatharajapuram 2nd Cross 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 2nd Cross Street has changed

In the 2012 revision, the guideline value was set at Rs 2,500 per sq.ft. However, in the 2017 revision, it decreased to Rs 1,675 per sq.ft, marking a decline of 33%. The most recent revision in 2024 has increased the guideline value to Rs 2,750 per sq.ft, which represents a significant increase of 64% from the 2017 figure. The register has no figures for the years 2002, 2003, 2007, and 2023.

Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a modest increase of 10%. This change reflects the fluctuations in property values over the years, with the current rate being higher than the previous revisions.

Guideline values in Pallikaranai

Pallikaranai has a total of 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, placing the Varatharajapuram 2nd Cross Street's 2024 figure above that median.

• Varatharajapuram 1st 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)
• Varatharajapuram 3rd Street: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 4th Street: Rs 2,200 per sq.ft (2024)
• Varatharajan Nagar 2nd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Varatharajapuram 2nd Cross 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 to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Varatharajapuram 2nd Cross Street?

The Sub Registrar Office that covers Varatharajapuram 2nd Cross 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. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the financial obligations involved in the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Varatharajapuram 2nd Cross Street?

The current guideline value of Varatharajapuram 2nd Cross 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, and then increased to Rs 2,750 per sq.ft in 2024.

What is the land classification for Varatharajapuram 2nd Cross Street?

The land classification for Varatharajapuram 2nd Cross Street is Residential Special Type - I.

Where is the Sub Registrar Office for Varatharajapuram 2nd Cross Street located?

The Sub Registrar Office for Varatharajapuram 2nd Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for property transactions?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applied to the guideline value.