Guideline Value for VARATHARAJAPURAM 5TH STREET

Varatharajapuram 5th Street guideline value

The current guideline value of Varatharajapuram 5th 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 5th Street has changed

In the 2012 revision, the guideline value was set at Rs 2,500 per sq.ft. This figure saw a decrease in the 2017 revision, dropping to Rs 1,675 per sq.ft, which represents a decline of 33%. However, from 2017 to the 2024 revision, the guideline value increased significantly to Rs 2,750 per sq.ft, marking a rise of 64%. Overall, from 2012 to 2024, the guideline value has seen a slight increase of 10%.

The register has no figures for the years 2002, 2003, 2007, and 2023 for this street. Thus, the only revisions with figures are from 2012, 2017, and 2024.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft, with a median value of Rs 1,650 per sq.ft. Varatharajapuram 5th Street's current guideline value is above this median.

• Varatharajapuram 4th Street: Rs 2,200 per sq.ft (2024)
• Varatharajapuram 3rd Street: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Varathrajapuram Main Road: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 2nd Street: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 2nd Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Varatharajapuram 5th 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 cost together 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Varatharajapuram 5th Street?

The Sub Registrar Office that covers Varatharajapuram 5th 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 during the registration of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government 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 need to be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Varatharajapuram 5th Street?

The current guideline value of Varatharajapuram 5th 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. This reflects a 64% increase from 2017 to 2024.

What is the land classification for Varatharajapuram 5th Street?

The land classification for Varatharajapuram 5th Street is Residential Special Type - I, indicating its designated use for residential purposes.

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

The Sub Registrar Office for Varatharajapuram 5th 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.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it determines the minimum price for property registration and is used to calculate stamp duty and registration fees. Buyers and sellers must consider this value when engaging in property transactions to ensure compliance with legal requirements.