Guideline Value for Varadhan Nagar

Varadhan Nagar guideline value

The current guideline value of Varadhan Nagar, located in Zaminpallavaram village under the Pallavaram SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Type - I.

How the guideline value of Varadhan Nagar has changed

The guideline value for Varadhan Nagar has seen several revisions over the years. In 2003, the value was Rs 154 per sq.ft, which increased significantly to Rs 600 per sq.ft in 2007. The 2012 revision set the value at Rs 3,500 per sq.ft, but it then decreased to Rs 2,345 per sq.ft in 2017. The value then rose to Rs 3,750 per sq.ft in 2023 before reaching the current rate of Rs 3,850 per sq.ft in 2024. The register has no figure for the year 2002 for this street.

Between the revisions, there have been notable changes. From 2003 to 2007, the guideline value increased by 290%. However, it decreased by 33% from 2012 to 2017. The value then surged by 60% from 2017 to 2023, and there was a 3% increase from 2023 to 2024. Overall, the guideline value has increased by 2400% from 2003 to 2024.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO carrying a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Varadhan Nagar is above this median.

• Vanniyar Street: Rs 3,520 per sq.ft (2024)
• Vasantham Nagar: Rs 3,300 per sq.ft (2024)
• Vasantham Nagar 2nd cross Street: Rs 3,300 per sq.ft (2024)
• Valluvar High Road: Rs 3,520 per sq.ft (2024)
• Valluvar 3rd Street: Rs 3,300 per sq.ft (2024)
• Valluvar 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Varadhan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Varadhan Nagar?

The Sub Registrar Office that covers Varadhan Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Zaminpallavaram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees payable at the time of registration. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements.

Additionally, the guideline value serves as a benchmark for property transactions, helping to establish a fair value for properties in the area. Understanding the guideline value can aid in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of Varadhan Nagar?

The current guideline value of Varadhan Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 154 per sq.ft in 2003 to Rs 3,850 per sq.ft in 2024. The most significant increase occurred between 2003 and 2024, with an overall increase of 2400%.

What are the other streets in Zaminpallavaram and their guideline values?

Other streets in Zaminpallavaram include Vanniyar Street at Rs 3,520 per sq.ft, Vasantham Nagar and Vasantham Nagar 2nd cross Street at Rs 3,300 per sq.ft, and Valluvar High Road at Rs 3,520 per sq.ft, among others.

How is the stamp duty calculated for properties in Varadhan Nagar?

Stamp duty for properties in Varadhan Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 2,69,500 based on the current guideline value.

Which office handles property registration for Varadhan Nagar?

The Pallavaram Sub Registrar Office handles property registration for Varadhan Nagar. It is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.