Guideline Value for Varalakshmi Street

Varalakshmi Street guideline value

The current guideline value of Varalakshmi Street is Rs 850 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Class V Type - I.

How the guideline value of Varalakshmi Street has changed

Over the years, the guideline value of Varalakshmi Street has undergone several revisions. The 2012 revision set the value at Rs 800 per sq.ft, which decreased to Rs 536 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 800 per sq.ft. The latest revision in 2024 has further increased the guideline value to Rs 850 per sq.ft, marking a 6% rise from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 6%.

Guideline values in Selaiyur

In Selaiyur village, there are a total of 478 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Varalakshmi Street's 2024 figure below that median.

• Varadarajapuram: Rs 850 per sq.ft (2024)
• Varadarajan Nagar: Rs 1,800 per sq.ft (2024)
• Vanjinathan Street: Rs 1,300 per sq.ft (2024)
• Vasanthi Colony: Rs 850 per sq.ft (2024)
• Vasuki Street: Rs 1,800 per sq.ft (2024)
• Valmiki Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Varalakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 850 per sq.ft, the total guideline value would be Rs 8,50,000. The stamp duty at 7% would amount to Rs 59,500, and the registration fee at 2% would be Rs 17,000, bringing the total fees together to Rs 76,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Varalakshmi Street?

The Sub Registrar Office covering Varalakshmi Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Selaiyur. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a reference point. Buyers should be aware that the stamp duty and registration fees are calculated based on this value or the sale price, whichever is higher, impacting the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Varalakshmi Street?

The current guideline value of Varalakshmi Street is Rs 850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2012 to Rs 536 per sq.ft in 2017, then up to Rs 800 per sq.ft in 2023, and finally to Rs 850 per sq.ft in 2024.

What is the land classification for Varalakshmi Street?

Varalakshmi Street is classified as Residential Class V Type - I.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in Selaiyur?

The stamp duty is calculated based on the higher of the guideline value or the sale price. For example, on a property valued at Rs 8,50,000, the stamp duty would be Rs 59,500 at 7%.