Guideline Value for Varalakshmi Nagar

Varalakshmi Nagar guideline value

The current guideline value of Varalakshmi Nagar is Rs 300 per sq.ft, effective from 1 July 2024. This locality is situated in Thandalam village, under the Sriperumpudur SRO, and is classified as Residential Class III Type - I.

How the guideline value of Varalakshmi Nagar has changed

Over the years, the guideline value of Varalakshmi Nagar has seen several revisions. The earliest recorded figure is from 2007, where the guideline value was Rs 125 per sq.ft. This increased significantly to Rs 300 per sq.ft in 2012, marking a 140% rise. However, from 2012 to 2017, the value decreased to Rs 201 per sq.ft, which is a decline of 33%. The subsequent revision in 2023 maintained the value at Rs 300 per sq.ft, with no change from the previous year. Finally, the current revision for 2024 also holds the guideline value steady at Rs 300 per sq.ft, indicating a 0% change from 2023.

In summary, the guideline value has increased overall by 140% from 2007 to 2024. The significant changes occurred between 2007 and 2012, and again from 2017 to 2023, where the value rose by 49% during that period.

Guideline values in Thandalam

In Thandalam, there are 36 streets under the Sriperumpudur SRO with a guideline value range from Rs 200 to Rs 1,800 per sq.ft. The median value for these streets is Rs 400 per sq.ft, placing Varalakshmi Nagar's current 2024 guideline value below that median.

• Venkateswara Nagar: Rs 400 per sq.ft (2024)
• Uma Maheswari Nagar: Rs 300 per sq.ft (2024)
• Theruveedhiyamman Koil Street: Rs 505 per sq.ft (2024)
• Telophone Exchange Street: Rs 400 per sq.ft (2024)
• Subasree Nagar: Rs 300 per sq.ft (2024)
• Sri Iyappa Nagar: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Varalakshmi Nagar

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, while the registration fee at 2% would be Rs 6,000, totaling Rs 27,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Varalakshmi Nagar?

The Sub Registrar Office that covers Varalakshmi Nagar is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Thandalam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When registering a property, the guideline value is used to ensure that the transaction is recorded accurately and fairly, reflecting the value of the property as recognized by the government. This helps in maintaining transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Varalakshmi Nagar?

The current guideline value of Varalakshmi Nagar is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revisions being Rs 300 per sq.ft for both 2023 and 2024. The value was Rs 201 per sq.ft in 2017 and Rs 300 per sq.ft in 2012.

What is the median guideline value in Thandalam?

The median guideline value in Thandalam is Rs 400 per sq.ft, which is above the current value of Varalakshmi Nagar.

What are the stamp duty and registration fees for buying property?

For a property valued at Rs 3,00,000, the total stamp duty and registration fees would amount to Rs 27,000, which includes Rs 21,000 for stamp duty and Rs 6,000 for the registration fee.

Where is the Sub Registrar Office located?

The Sub Registrar Office for Varalakshmi Nagar is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.