Guideline Value for Varalakshmi Nagar

Varalakshmi Nagar guideline value

The current guideline value of Varalakshmi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Kodungaiyur village, under the Madhavaram SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Varalakshmi Nagar has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure decreased to Rs 1,340 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to the 2024 revision, the guideline value increased significantly to Rs 2,200 per sq.ft, reflecting a rise of 64%.

Overall, comparing the 2012 and 2024 revisions, the guideline value has seen a modest increase of 10%. It is important to note that the register has no figure for this street in the years 2023, 2007, 2003, and 2002.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value of Varalakshmi Nagar is below this median.

• Vanchinathan Street (Vivekanandha Nagar): Rs 2,700 per sq.ft (2024)
• Vanchinathan Street (Krishnamoorthy Nagar): Rs 2,700 per sq.ft (2024)
• Vasuki Nagar 1st Cross Street: Rs 2,700 per sq.ft (2024)
• Vasuki Nagar 1st Main Road: Rs 2,700 per sq.ft (2024)
• Vasuki Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Vasuki Nagar 2nd Cross Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Varalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Varalakshmi Nagar?

The Sub Registrar Office covering Varalakshmi 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 Kodungaiyur

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

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Varalakshmi Nagar?

The current guideline value of Varalakshmi Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,200 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024 and a 10% overall increase from 2012 to 2024.

What is the land classification for Varalakshmi Nagar?

Varalakshmi Nagar is classified as Residential Class II Type - I, indicating its designation for residential development.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles registrations for properties in Varalakshmi Nagar.

How is stamp duty calculated in Varalakshmi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.