Guideline Value for Varadhan Street

Varadhan Street guideline value

The current guideline value of Varadhan Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Menambedu village, under the Ambattur SRO, and is classified as Residential Special Type - I.

How the guideline value of Varadhan Street has changed

The guideline value for Varadhan Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,600 per sq.ft, which was then reduced to Rs 1,072 per sq.ft in the 2017 revision. This marked a significant decrease of 33%. However, from 2017 to 2023, the value increased by 49%, reaching Rs 1,600 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 1,700 per sq.ft, reflecting a 6% rise from the previous year.

It is important to note that the register has no figures for Varadhan Street for the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 6%.

Guideline values in Menambedu

In Menambedu, there are 171 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 6,680 per sq.ft, with a median value of Rs 1,003 per sq.ft. Varadhan Street's current guideline value is above this median.

• Vannar Street: Rs 1,000 per sq.ft (2024)
• Uthra Nagar: Rs 1,002 per sq.ft (2024)
• Vengatachalapathi Street: Rs 1,001 per sq.ft (2024)
• Venkata Cross Street: Rs 1,001 per sq.ft (2024)
• T.T.P Colony: Rs 1,300 per sq.ft (2024)
• Venkateshwara Nagar: Rs 1,002 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 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. It is important to note that the 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 Varadhan Street?

The Sub Registrar Office that covers Varadhan Street is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role when buying or selling property in Menambedu. It serves as the basis for calculating stamp duty and registration fees, which are mandatory during the registration process. Buyers need to ensure that they are aware of the current guideline value to avoid any discrepancies during the registration of their property.

When a property is sold, the guideline value is used to determine the official value for taxation purposes. This ensures that all transactions are recorded accurately and that the appropriate fees are paid to the government.

Frequently asked questions

What is the current guideline value of Varadhan Street?

The current guideline value of Varadhan Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,600 per sq.ft in 2012 to Rs 1,072 per sq.ft in 2017, then back to Rs 1,600 per sq.ft in 2023, and finally to Rs 1,700 per sq.ft in 2024.

What is the land classification of Varadhan Street?

Varadhan Street is classified as Residential Special Type - I.

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

The Sub Registrar Office for Varadhan Street is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is the stamp duty calculated for property in Varadhan Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 17,00,000, the stamp duty at 7% would be Rs 1,19,000.