Guideline Value for Varadappa Naicker Nagar

Varadappa Naicker Nagar guideline value

The current guideline value of Varadappa Naicker Nagar is Rs 500 per sq.ft, effective from 1 July 2024. This street is located in Neelamangalam village under the Gooduvancheri SRO and is classified as Residential Class I Type - I.

How the guideline value of Varadappa Naicker Nagar has changed

Over the years, the guideline value of Varadappa Naicker Nagar has seen several revisions. The earliest recorded revision was in 2007, where the value was Rs 267 per sq.ft. This increased to Rs 500 per sq.ft in 2012, remaining unchanged until the 2017 revision, which saw a significant increase to Rs 335 per sq.ft. The value then rose to Rs 500 per sq.ft in both the 2023 and 2024 revisions, indicating no change between these two years. Notably, there are no figures available for the years 2002 and 2003 for this street.

When examining the changes, from 2007 to 2012, the guideline value increased by 87%. However, it then decreased by 33% from 2012 to 2017. The value saw a substantial increase of 49% from 2017 to 2023, and it remained stable from 2023 to 2024, resulting in an overall increase of 87% from 2007 to 2024.

Guideline values in Neelamangalam

In Neelamangalam village, there are 41 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 400 to Rs 2,000 per sq.ft, with a median value of Rs 600 per sq.ft. Varadappa Naicker Nagar's current guideline value is below this median.

• Vanitha Square: Rs 1,300 per sq.ft (2024)
• Vamanan Nagar: Rs 500 per sq.ft (2024)
• Tulsi Nagar: Rs 1,300 per sq.ft (2024)
• Thiruvalluvar Nagar: Rs 500 per sq.ft (2024)
• S.V.P. Garden: Rs 500 per sq.ft (2024)
• Sundaram Nagar: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Varadappa Naicker Nagar

For a 1,000 sq.ft plot at the current rate of Rs 500 per sq.ft, the guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, totaling Rs 45,000. It is important to note that 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 Varadappa Naicker Nagar?

The Sub Registrar Office that covers Varadappa Naicker Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanjery-603202, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Neelamangalam. It serves as a basis for calculating the stamp duty and registration fees, ensuring that the transaction is recorded at a fair value set by the government.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Varadappa Naicker Nagar?

The current guideline value of Varadappa Naicker Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent being Rs 500 per sq.ft in both 2023 and 2024. The value was Rs 335 per sq.ft in 2017 and Rs 500 per sq.ft in 2012.

What is the land classification of Varadappa Naicker Nagar?

Varadappa Naicker Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanjery-603202, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Varadappa Naicker Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 500 per sq.ft would incur a total stamp duty of Rs 35,000.