Guideline Value for Varadaraja Nagar

Varadaraja Nagar guideline value

The current guideline value of Varadaraja Nagar is Rs 2,860 per sq.ft, effective from 1 July 2024. This area is located in Porur village, under the Kunrathur SRO, and is classified as Residential Special Type - III.

How the guideline value of Varadaraja Nagar has changed

Over the years, the guideline value of Varadaraja Nagar has seen significant changes. Starting from the 2002 revision, the value was Rs 276 per sq.ft. It increased to Rs 306 per sq.ft in 2003, followed by a substantial rise to Rs 750 per sq.ft in 2007. The next revision in 2012 saw a decrease to Rs 2,600 per sq.ft, which remained the same until the 2017 revision, where it increased to Rs 1,742 per sq.ft. The 2023 revision marked another increase to Rs 2,600 per sq.ft, and the current value in 2024 is Rs 2,860 per sq.ft.

In terms of percentage changes, from 2002 to 2024, there has been an overall increase of 936%. Notably, the value increased by 10% from 2023 to 2024, and from 2017 to 2023, it rose by 49%. The figures from 2012 to 2017 experienced a decrease of 33%, while the jump from 2007 to 2012 was a remarkable 247%. The increase from 2003 to 2007 was 145%, and from 2002 to 2003, it was 11%.

Guideline values in Porur

In Porur village, there are 530 streets under the Kunrathur SRO with a 2024 guideline value ranging from Rs 2,860 to Rs 6,380 per sq.ft. The median value for these streets is Rs 3,960 per sq.ft, placing Varadaraja Nagar's 2024 figure below this median.

• Vanniyar Street: Rs 2,860 per sq.ft (2024)
• Valluvar Street: Rs 2,860 per sq.ft (2024)
• Vasuki Street: Rs 2,860 per sq.ft (2024)
• Vaithiyalingam Nayakkar Street: Rs 3,520 per sq.ft (2024)
• Velu Nayakkar Street: Rs 2,860 per sq.ft (2024)
• Udhaya Nagar Main Road: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Varadaraja Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,860 per sq.ft, the total guideline value would be Rs 28,60,000. The stamp duty at 7% would amount to Rs 2,00,200, and the registration fee at 2% would be Rs 57,200. Together, the total cost for stamp duty and registration would be Rs 2,57,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Varadaraja Nagar?

The Sub Registrar Office that covers Varadaraja Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Porur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the buyer must pay stamp duty and registration fees calculated on the higher of the guideline value or the sale price. This ensures that the transaction is recorded accurately and legally, protecting the interests of both the buyer and the seller.

Frequently asked questions

What is the current guideline value of Varadaraja Nagar?

The current guideline value of Varadaraja Nagar is Rs 2,860 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 276 per sq.ft in 2002 to Rs 2,860 per sq.ft in 2024, showing an overall increase of 936% over this period.

What are the stamp duty rates for properties in Varadaraja Nagar?

The stamp duty for properties in Varadaraja Nagar is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How does the guideline value affect property transactions?

The guideline value determines the minimum price at which a property can be registered, affecting the stamp duty and registration fees payable during a transaction. Buyers must consider this value when purchasing property to ensure compliance with legal requirements.