Guideline Value for Varalakshmi Street

Varalakshmi Street guideline value

The current guideline value of Varalakshmi Street in Puzhal village is Rs 1,102 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class III Type - I.

How the guideline value of Varalakshmi Street has changed

The guideline value for Varalakshmi Street has undergone several revisions over the years. In 2002, the value was Rs 343 per sq.ft, which changed to Rs 35 per sq.ft in 2003. The value then increased significantly to Rs 200 per sq.ft in 2007, followed by a rise to Rs 700 per sq.ft in 2012. However, it decreased to Rs 469 per sq.ft in 2017. The subsequent revision in 2023 set the value at Rs 1,000 per sq.ft, and the most recent revision in 2024 increased it to Rs 1,102 per sq.ft.

Looking at the changes, from 2017 to 2023, there was an increase of 113%. The value rose by 10% from 2023 to 2024. Notably, there was a significant increase of 250% from 2007 to 2012, while the value dropped by 33% from 2012 to 2017. Overall, from 2002 to 2024, the guideline value has increased by 221%.

Guideline values in Puzhal

Puzhal village has a total of 270 streets under the Redhills SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 1,102 per sq.ft, which aligns with the current value for Varalakshmi Street.

• Vanitha Nagar: Rs 1,100 per sq.ft (2024)
• Valluvar Street: Rs 1,100 per sq.ft (2024)
• Vegetarian Nagar: Rs 1,100 per sq.ft (2024)
• Vegetarian Road: Rs 1,100 per sq.ft (2024)
• T.K.S. Nagar: Rs 1,102 per sq.ft (2024)
• T.K. Bose Nagar: Rs 1,102 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 1,102 per sq.ft, the total guideline value amounts to Rs 11,02,000. The stamp duty at 7% would be Rs 77,140, and the registration fee at 2% would be Rs 22,040, totaling Rs 99,180. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Varalakshmi Street?

The Sub Registrar Office that covers Varalakshmi Street 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 further information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Puzhal. It serves as a benchmark for determining the stamp duty and registration fees payable at the time of property registration.

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 duties and fees. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Varalakshmi Street?

The current guideline value of Varalakshmi Street is Rs 1,102 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Varalakshmi Street has changed from Rs 343 per sq.ft in 2002 to Rs 1,102 per sq.ft in 2024, reflecting an overall increase of 221% over this period.

What is the stamp duty for properties on Varalakshmi Street?

The stamp duty for properties on Varalakshmi Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Redhills Sub Registrar Office located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What land classification does Varalakshmi Street fall under?

Varalakshmi Street is classified as Residential Class III Type - I under the guideline value register.