Guideline Value for Varalakshmi Nagar

Varalakshmi Nagar guideline value

The current guideline value of Varalakshmi Nagar, located in Nallur village under the Redhills SRO, is Rs 440 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

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 2002, where the guideline value was Rs 294 per sq.ft. This value changed to Rs 31 per sq.ft in 2003, marking a significant decrease. Following this, the value increased dramatically to Rs 200 per sq.ft in 2007, doubling to Rs 400 per sq.ft in 2012. However, it then decreased to Rs 268 per sq.ft in 2017, before rising to Rs 400 per sq.ft in 2023 and finally reaching Rs 440 per sq.ft in 2024.

The changes between these revisions are notable. From 2002 to 2003, there was a decrease of 89%. From 2003 to 2007, the value increased by 545%. The value then rose by 100% from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017. After 2017, the value increased by 49% to reach Rs 400 per sq.ft in 2023, and then it rose by 10% to the current value of Rs 440 per sq.ft in 2024.

Guideline values in Nallur

In Nallur, there are 39 streets under the Redhills SRO that carry a 2024 guideline value, which ranges from Rs 440 to Rs 1,650 per sq.ft. The median value for these streets is Rs 550 per sq.ft, indicating that Varalakshmi Nagar's 2024 figure is below this median.

• Vijaya Garden: Rs 440 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 440 per sq.ft (2024)
• 7 Hills Garden: Rs 770 per sq.ft (2024)
• Sri Anandavalli Street: Rs 770 per sq.ft (2024)
• Sharmila Diya Garden: Rs 440 per sq.ft (2024)
• Selva Vinayagar Koil 2nd Cross Street: Rs 770 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 440 per sq.ft, the total guideline value would be Rs 4,40,000. The stamp duty at 7% would amount to Rs 30,800, while the registration fee at 2% would be Rs 8,800, bringing the total cost for these fees to Rs 39,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Varalakshmi Nagar?

The Sub Registrar Office that covers Varalakshmi Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Nallur. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate stamp duty and registration fees, ensuring that these costs are based on the official valuation rather than the negotiated sale price.

When a property is registered, the buyer must pay duties based on the guideline value or the sale price, whichever is higher. This ensures transparency and standardization in property transactions, making it essential for both buyers and sellers to be aware of the current guideline value.

Frequently asked questions

What is the current guideline value of Varalakshmi Nagar?

The current guideline value of Varalakshmi Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 294 per sq.ft in 2002 to the current Rs 440 per sq.ft in 2024. The most significant increase occurred from 2003 to 2007, where it rose by 545%.

What is the median guideline value for streets in Nallur?

The median guideline value for streets in Nallur is Rs 550 per sq.ft. Varalakshmi Nagar's current guideline value is below this median.

What are the stamp duty and registration fees for property in Varalakshmi Nagar?

For a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800 and the registration fee would be Rs 8,800, totaling Rs 39,600. These fees are calculated based on the guideline value.

Which office handles property registrations for Varalakshmi Nagar?

The Redhills Sub Registrar Office handles property registrations for Varalakshmi Nagar. It is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.