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, effective from 1 July 2024. This street is located in Mylapore Part 2 village and falls under the Chennai Central Joint I SRO. The land classification for this area 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 seen several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 8,000 per sq.ft. With the latest 2024 revision, it has increased to Rs 8,800 per sq.ft, marking a change of +10% from the previous year.

This street's 2024 guideline value aligns with the median value of Rs 8,800 per sq.ft for the 332 streets in Mylapore Part 2 under the Chennai Central Joint I SRO. The range of values for these streets varies from Rs 4,400 to Rs 25,300 per sq.ft.

Guideline values in Mylapore Part 2

In Mylapore Part 2, the guideline values vary significantly across different streets. The 2024 figures for the streets in this area range from Rs 4,400 to Rs 25,300 per sq.ft, with the median being Rs 8,800 per sq.ft, which is the same as the guideline value for Varasidhi Vinayagar Koil Street.

• 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 would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000. Together, the total cost for stamp duty and registration fee would be Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

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 2

The guideline value is a crucial factor during the registration of property transactions in Mylapore Part 2. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being sold or purchased.

When buying or selling property, the guideline value helps ensure that both parties are aware of the legal and financial implications of the transaction. It is essential for buyers and sellers to understand this value to avoid any discrepancies during the registration process.

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, effective from 1 July 2024.

How has the guideline value changed 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?

Varasidhi Vinayagar Koil Street is classified as Commercial Class I Type - I.

Where can I find the Sub Registrar Office for this street?

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

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It serves as a benchmark for ensuring that both buyers and sellers are aware of the financial implications of the transaction.