Guideline Value for Varadharajapuram Main Road

Varadharajapuram Main Road guideline value

The current guideline value of Varadharajapuram Main Road is Rs 7,700 per sq.ft, effective from 1 July 2024. This road is located in Mylapore Part 2 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Varadharajapuram Main Road has changed

The guideline value for Varadharajapuram Main Road has undergone several revisions over the years. The register has no figure for this street in 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 7,000 per sq.ft, and it increased by 10% to Rs 7,700 per sq.ft in the 2024 revision.

This change reflects a significant adjustment in the guideline value, moving from Rs 7,000 per sq.ft in 2023 to Rs 7,700 per sq.ft in 2024. This increase indicates a rise in the valuation of properties along Varadharajapuram Main Road.

Guideline values in Mylapore Part 2

Mylapore Part 2 has a total of 332 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Varadharajapuram Main Road's 2024 figure below this median.

• Varasidhi Vinayagar Koil Street: Rs 8,800 per sq.ft (2024)
• Vanniya puram Corporation Colony: Rs 6,100 per sq.ft (2024)
• Veenus Colony 1st Street: Rs 17,600 per sq.ft (2024)
• Veenus Colony 2nd Street: Rs 17,600 per sq.ft (2024)
• Veenus Colony 3rd Street: Rs 17,600 per sq.ft (2024)
• Venkataraman Street: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Varadharajapuram Main Road

For a 1,000 sq.ft plot at the current rate of Rs 7,700 per sq.ft, the guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, together totaling Rs 6,93,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Varadharajapuram Main Road?

The Sub Registrar Office that covers Varadharajapuram Main Road is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore Part 2. It is used to determine the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the transaction is recorded accurately in the official register.

Frequently asked questions

What is the current guideline value of Varadharajapuram Main Road?

The current guideline value of Varadharajapuram Main Road is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Varadharajapuram Main Road has changed from Rs 7,000 per sq.ft in 2023 to Rs 7,700 per sq.ft in 2024, reflecting a 10% increase. The register has no figure for this street in the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Mylapore Part 2?

The median guideline value for streets in Mylapore Part 2 is Rs 8,800 per sq.ft. Varadharajapuram Main Road's 2024 figure is below this median.

What are the stamp duty rates for property in Varadharajapuram Main Road?

The stamp duty rate for property in Varadharajapuram Main Road is 7%. For example, on a property with a guideline value of Rs 77,00,000, the stamp duty would amount to Rs 5,39,000.

Where can I find the Sub Registrar Office for Varadharajapuram Main Road?

The Sub Registrar Office for Varadharajapuram Main Road is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.