Guideline Value for Varasidhi Vinayagar Koil Street

Varasidhi Vinayagar Koil Street guideline value

The current guideline value of Varasidhi Vinayagar Koil Street is Rs 8,800 per sq.ft. This street is located in Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this street is Commercial Class I Type - I.

How the guideline value of Varasidhi Vinayagar Koil Street has changed

The guideline value for Varasidhi Vinayagar Koil Street has undergone several revisions over the years. The register has no figure for this street in 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 8,000 per sq.ft, which increased to Rs 8,800 per sq.ft in the 2024 revision, marking a change of +10%.

With the 2024 revision, the guideline value of Rs 8,800 per sq.ft aligns with the median guideline value of Rs 8,800 per sq.ft for the 333 streets in Mylapore Part 1 under the Chennai Central Joint I SRO. The previous revision in 2023 set the value at Rs 8,000 per sq.ft, which reflects the upward adjustment in the latest revision.

Guideline values in Mylapore Part 1

In Mylapore Part 1, the guideline values range from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. Varasidhi Vinayagar Koil Street's 2024 figure is equal to this median. Here are some other streets in Mylapore Part 1:

• Varadharajapuram Main Road: Rs 7,700 per sq.ft (2024)
• Vanniya puram Corporation Colony: Rs 6,100 per sq.ft (2024)
• Veenus Colony 1st Street: Rs 17,600 per sq.ft (2024)
• Veenus Colony 2nd Street: Rs 17,600 per sq.ft (2024)
• Veenus Colony 3rd Street: Rs 17,600 per sq.ft (2024)
• Venkataraman Street: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Varasidhi Vinayagar Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, totaling Rs 7,92,000. It is important to note that 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 detailed calculations.

Which Sub Registrar Office covers Varasidhi Vinayagar Koil Street?

The Sub Registrar Office that covers Varasidhi Vinayagar Koil Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value serves as a benchmark for determining the minimum value at which a property can be registered in Mylapore Part 1. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that transactions are conducted at a fair value.

During the registration process, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Varasidhi Vinayagar Koil Street?

The current guideline value of Varasidhi Vinayagar Koil Street is Rs 8,800 per sq.ft as per the 2024 revision.

How much has the guideline value changed recently?

Recently, the guideline value increased from Rs 8,000 per sq.ft in 2023 to Rs 8,800 per sq.ft in 2024, which is a change of +10%.

What is the land classification for Varasidhi Vinayagar Koil Street?

The land classification for Varasidhi Vinayagar Koil Street is Commercial Class I Type - I.

Where is the Sub Registrar Office located for this street?

The Sub Registrar Office for Varasidhi Vinayagar Koil Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is the stamp duty calculated for properties in this area?

Stamp duty for properties in Varasidhi Vinayagar Koil Street is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 88,00,000, the stamp duty at 7% would be Rs 6,16,000.