Guideline Value for Varadaiyar Street

Varadaiyar Street guideline value

The current guideline value of Varadaiyar Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village and falls under the Sowcarpet SRO. The land classification for this area is Residential Special Type - III.

How the guideline value of Varadaiyar Street has changed

The guideline value for Varadaiyar Street has seen several revisions over the years. The earliest recorded figure is from 2003, where the value was Rs 1,110 per sq.ft. This increased to Rs 1,600 per sq.ft in 2007, marking a significant rise of 44%. In 2012, the value experienced a decrease to Rs 4,500 per sq.ft, a drop of 33%. The 2017 revision saw a notable increase to Rs 3,015 per sq.ft, and by 2023, it further rose to Rs 4,500 per sq.ft. The latest revision in 2024 has set the guideline value at Rs 4,900 per sq.ft, representing a 9% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 341%. It is important to note that there is no recorded figure for Varadaiyar Street in the 2002 revision.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Varadaiyar Street's current value above this median.

• Varadharaja Mudali Lane: Rs 4,400 per sq.ft (2024)
• Vandalur Rangapillai Street: Rs 4,400 per sq.ft (2024)
• Vardha Muthiyappan Street: Rs 6,000 per sq.ft (2024)
• Vedha Vinayagar Koil Street: Rs 3,800 per sq.ft (2024)
• Vedha Vinayagar Lane: Rs 6,600 per sq.ft (2024)
• Vaithyanath Mudali Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Varadaiyar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total fees together to Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Varadaiyar Street?

The Sub Registrar Office that covers Varadaiyar Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value helps establish a fair price for both parties. It is essential to consider this value as it directly influences the financial obligations related to property transactions, including taxes and fees that must be paid at the time of registration.

Frequently asked questions

What is the current guideline value of Varadaiyar Street?

The current guideline value of Varadaiyar Street is Rs 4,900 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 1,110 per sq.ft in 2003 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 341% over this period.

What is the land classification for Varadaiyar Street?

Varadaiyar Street is classified as Residential Special Type - III, indicating its suitability for residential development.

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

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Where is the Sub Registrar Office for Varadaiyar Street located?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01, and it handles registrations for Varadaiyar Street.