Guideline Value for Varadhan Street

Varadhan Street guideline value

The current guideline value of Varadhan Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class II Type - II.

How the guideline value of Varadhan Street has changed

The guideline value for Varadhan Street has seen several revisions over the years. In 2012, the value was set at Rs 1,000 per sq.ft. This figure remained until the next revision in 2017, where it decreased to Rs 670 per sq.ft, marking a decline of 33%. The 2023 revision brought the value back up to Rs 1,000 per sq.ft, and the most recent revision in 2024 increased it further to Rs 1,100 per sq.ft, a rise of 10% from the previous year.

There are no figures available for Varadhan Street in the revisions from 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in this village is Rs 1,650 per sq.ft, indicating that Varadhan Street's 2024 figure is below this median.

• Varadharajan Street: Rs 1,100 per sq.ft (2024)
• Varatharajan Street(Thurai Samy Nagar): Rs 2,750 per sq.ft (2024)
• Varatharaja Perumal Street: Rs 1,100 per sq.ft (2024)
• Varghesh Avenue: Rs 3,520 per sq.ft (2024)
• Valmigi Street: Rs 1,100 per sq.ft (2024)
• Valluvar Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Varadhan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty is charged at 7%, which would be Rs 77,000, and the registration fee is charged at 2%, amounting to Rs 22,000. Together, the total cost for stamp duty and registration fee would be Rs 99,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Varadhan Street?

The Sub Registrar Office that covers Varadhan Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Chitlapakkam. It is used to determine the stamp duty and registration fees that must be paid during the transaction. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Varadhan Street?

The current guideline value of Varadhan Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Varadhan Street?

Varadhan Street is classified as Residential Class II Type - II.

Where can I find the Sub Registrar Office for Varadhan Street?

The Tambaram Joint 1 Sub Registrar Office covers Varadhan Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated for properties in Chitlapakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current stamp duty rate is 7%, and there is also a registration fee of 2% applicable.