Guideline Value for Varadharaja Perumal Nagar

Varadharaja Perumal Nagar guideline value

The current guideline value of Varadharaja Perumal Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Ernavur village and falls under the Thiruvottiyur SRO. The land classification for this street is Commercial Class I Type - II.

How the guideline value of Varadharaja Perumal Nagar has changed

The guideline value for Varadharaja Perumal Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 126 per sq.ft, which increased to Rs 200 per sq.ft in 2007, marking a substantial rise of 59%. The value then surged dramatically to Rs 3,000 per sq.ft in 2012, reflecting an increase of 1,400%. However, it experienced a decline to Rs 2,010 per sq.ft in 2017, a decrease of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, followed by a further increase to Rs 3,300 per sq.ft in 2024, representing a 10% rise.

It is important to note that the register has no figure for Varadharaja Perumal Nagar for the year 2003. Overall, from 2002 to 2024, the guideline value has increased by 2,519%.

Guideline values in Ernavur

In Ernavur, there are 82 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 7,300 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Varadharaja Perumal Nagar is above this median.

• Vasantham Colony: Rs 1,400 per sq.ft (2024)
• Valluvar Nagar: Rs 1,400 per sq.ft (2024)
• V.G.N Paradise: Rs 5,800 per sq.ft (2024)
• Thiruvotthiyur High Road: Rs 3,800 per sq.ft (2024)
• Thiruveethiyamman Koil Street: Rs 1,400 per sq.ft (2024)
• Thiruvalluvar Nagar/Street: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Varadharaja Perumal Nagar

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Varadharaja Perumal Nagar?

The Sub Registrar Office that covers Varadharaja Perumal Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property in Ernavur. It serves as a benchmark for determining the minimum value at which properties can be sold or purchased. When a property transaction occurs, the guideline value helps in calculating the applicable stamp duty and registration fees.

During the registration process, the guideline value ensures that the property is not undervalued, protecting both the buyer and the government’s interests. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during property transactions.

Frequently asked questions

What is the current guideline value of Varadharaja Perumal Nagar?

The current guideline value of Varadharaja Perumal Nagar is Rs 3,300 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 126 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 2,519% over the years.

What is the land classification for Varadharaja Perumal Nagar?

The land classification for Varadharaja Perumal Nagar is Commercial Class I Type - II.

Where can I find the Thiruvottiyur Sub Registrar Office?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in Varadharaja Perumal Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.