Guideline Value for Varadharajan Nagar

Varadharajan Nagar guideline value

The current guideline value of Varadharajan Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Varadharajan Nagar has changed

In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. This figure increased to Rs 1,500 per sq.ft in the 2023 revision, marking a 25% rise. The latest revision in 2024 has further increased the guideline value to Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has risen by 33%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value is Rs 1,600 per sq.ft, which is equal to the 2024 figure for Varadharajan Nagar.

• Varadharajan Nagar (Ponniamman Medu): Rs 1,600 per sq.ft (2024)
• Varadaraja Nagar, Ponniammanmedu (Ward-23): Rs 1,600 per sq.ft (2024)
• Vasantha Colony (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Vasantham Avenue: Rs 1,600 per sq.ft (2024)
• Vasantham Avenue (Ward-09): Rs 1,600 per sq.ft (2024)
• Vasantham Garden Phase- III: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Varadharajan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total cost for these fees to Rs 1,44,000. It is important to 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 Varadharajan Nagar?

The Sub Registrar Office that covers Varadharajan Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Madhavaram, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the guideline value, as it directly affects the overall cost of property transactions. Understanding the guideline value helps ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Varadharajan Nagar?

The current guideline value of Varadharajan Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 1,500 per sq.ft in 2023, and it has increased to Rs 1,600 per sq.ft in 2024. There are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street.

What is the land classification of Varadharajan Nagar?

Varadharajan Nagar is classified as Residential Class II Type - I, which indicates its designated use for residential purposes.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles property registrations for the area.

How is the stamp duty calculated in Varadharajan 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 16,00,000, the stamp duty would be Rs 1,12,000 at a rate of 7%.