Guideline Value for Varadharaja Swamy Nagar 1st Street

Varadharaja Swamy Nagar 1st Street guideline value

The current guideline value of Varadharaja Swamy Nagar 1st Street is Rs 3,050 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Varadharaja Swamy Nagar 1st Street has changed

The guideline value for Varadharaja Swamy Nagar 1st Street has undergone several revisions since 2002. In 2002, the guideline value was Rs 161 per sq.ft, which increased to Rs 177 per sq.ft in 2003. Following this, the value saw a significant rise to Rs 400 per sq.ft in 2007. The 2012 revision recorded the value at Rs 2,750 per sq.ft, but it dropped to Rs 1,842 per sq.ft in 2017. The value then increased to Rs 2,750 per sq.ft in 2023, and the latest revision in 2024 set the value at Rs 3,050 per sq.ft.

Between the revisions, there have been notable changes. From 2023 to 2024, the guideline value increased by 11%. The jump from 2017 to 2023 saw a rise of 49%. However, the value decreased by 33% from 2012 to 2017. The 2007 to 2012 revision experienced a remarkable increase of 588%, and from 2003 to 2007, the value rose by 126%. Additionally, there was a 10% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 1,794%.

Guideline values in Maduravoyal

In Maduravoyal, there are a total of 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value for these streets is Rs 3,050 per sq.ft, which is equal to the current value of Varadharaja Swamy Nagar 1st Street.

• Varadharaja Swamy Nagar Main Road: Rs 3,050 per sq.ft (2024)
• Varadharaja Perumal Nagar: Rs 3,050 per sq.ft (2024)
• Varalakshmi Nagar: Rs 3,300 per sq.ft (2024)
• Vallalar Street: Rs 2,200 per sq.ft (2024)
• Vadavenni Amman Nagar: Rs 3,050 per sq.ft (2024)
• Vadaveniamman Nagar 4th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Varadharaja Swamy Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,050 per sq.ft, the total guideline value amounts to Rs 30,50,000. The stamp duty at 7% would be Rs 2,13,500, and the registration fee at 2% would be Rs 61,000, making the total charges Rs 2,74,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Varadharaja Swamy Nagar 1st Street?

The Sub Registrar Office covering Varadharaja Swamy Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Maduravoyal. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction.

Additionally, the guideline value impacts the calculation of stamp duty and registration fees, which are based on this value or the sale price, whichever is higher. Therefore, understanding the guideline value is essential for anyone involved in property transactions in the area.

Frequently asked questions

What is the current guideline value of Varadharaja Swamy Nagar 1st Street?

The current guideline value of Varadharaja Swamy Nagar 1st Street is Rs 3,050 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 161 per sq.ft in 2002 to Rs 3,050 per sq.ft in 2024, marking an overall increase of 1,794% over this period.

What is the land classification for Varadharaja Swamy Nagar 1st Street?

The land classification for Varadharaja Swamy Nagar 1st Street is Residential Class III Type - I, indicating its intended use for residential purposes.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Varadharaja Swamy Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 30,50,000 would incur a stamp duty of Rs 2,13,500 and a registration fee of Rs 61,000.