Guideline Value for VARGHEES PLOTS STREET

Varghees Plots Street guideline value

The current guideline value of Varghees Plots Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Perungudi village, under the Neelankarai SRO, classified as Residential Class III Type - I.

How the guideline value of Varghees Plots Street has changed

The guideline value for Varghees Plots Street has seen several revisions over the years. Starting with the 2002 revision, the value was Rs 164 per sq.ft. This increased to Rs 245 per sq.ft in 2003, marking a 49% rise. The value continued to rise significantly, reaching Rs 600 per sq.ft in 2007, a 145% increase from the previous year. The 2012 revision set the value at Rs 2,500 per sq.ft, reflecting a substantial 317% increase from 2007. However, this was followed by a decrease to Rs 1,675 per sq.ft in 2017, a drop of 33%. The value then rose again to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,800 per sq.ft in the 2024 revision, which is a 12% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,607%. There are no figures available for the revisions in years not mentioned in the register.

Guideline values in Perungudi

In Perungudi, there are 249 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Varghees Plots Street's 2024 figure below that median.

• Veeramamunivar 1st Cross Street: Rs 5,500 per sq.ft (2024)
• Veeramamunivar Street: Rs 5,500 per sq.ft (2024)
• Veerapandia Kattapomman 1st Cross Street: Rs 2,800 per sq.ft (2024)
• Veerapandia Kattapomman 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• Veerapandia Kattapomman Street: Rs 3,300 per sq.ft (2024)
• Veeravanjinatha Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Varghees Plots Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, while the registration fee at 2% would be Rs 56,000, bringing the total to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Varghees Plots Street?

The Sub Registrar Office covering Varghees Plots Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

You can find your SRO for more details.

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

The guideline value is a critical component in the registration process for property transactions in Perungudi. It serves as a benchmark for determining the stamp duty and registration fees that must be paid at the time of registration.

When buying or selling property, the guideline value ensures that the transaction is recorded accurately and that the appropriate taxes are collected. Buyers should be aware of the current guideline value to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Varghees Plots Street?

The current guideline value of Varghees Plots Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 164 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, marking an overall increase of 1,607% over the years.

What are the stamp duty and registration fees for property in Varghees Plots Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,96,000, and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles the registration for Varghees Plots Street?

The Neelankarai Sub Registrar Office handles the registration for Varghees Plots Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification of Varghees Plots Street?

Varghees Plots Street is classified as Residential Class III Type - I, which is relevant for determining its guideline value and usage.