Guideline Value for VARATHARAJAPURAM 3RD STREET

Varatharajapuram 3rd Street guideline value

The current guideline value of Varatharajapuram 3rd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village, under the Chennai South Joint I SRO, and is classified as Residential Special Type - I.

How the guideline value of Varatharajapuram 3rd Street has changed

The guideline value for Varatharajapuram 3rd Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which decreased to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to the 2024 revision, the value increased significantly to Rs 2,750 per sq.ft, reflecting a rise of 64%.

Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. It is important to note that the register does not provide figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Pallikaranai

In Pallikaranai, there are a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, placing Varatharajapuram 3rd Street's 2024 figure above this median.

• Varatharajapuram 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 4th Street: Rs 2,200 per sq.ft (2024)
• Varatharajapuram 2nd Street: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 5th Street: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 2nd Cross Street: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 1st Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Varatharajapuram 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that 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 Varatharajapuram 3rd Street?

The Sub Registrar Office that covers Varatharajapuram 3rd 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 is a critical component in the property registration process in Pallikaranai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government collects appropriate stamp duties and registration fees based on this value.

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. This value is essential for calculating the applicable taxes and fees during the registration process, ensuring transparency and compliance with legal requirements.

Frequently asked questions

What is the current guideline value of Varatharajapuram 3rd Street?

The current guideline value of Varatharajapuram 3rd 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. Overall, this represents a 10% increase from the 2012 value to the 2024 value.

What is the land classification for Varatharajapuram 3rd Street?

Varatharajapuram 3rd Street is classified as Residential Special Type - I, indicating its suitability for residential development.

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. The duty is charged on the higher of the guideline value or the sale price.

Which Sub Registrar Office handles registrations for this street?

The Chennai South Joint I Sub Registrar Office handles registrations for Varatharajapuram 3rd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.