Guideline Value for Varathapuram 1st Street

Varathapuram 1st Street guideline value

The current guideline value of Varathapuram 1st Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Adayar village, under the Adayar SRO, and is classified as Residential Class I Type - I.

How the guideline value of Varathapuram 1st Street has changed

The guideline value for Varathapuram 1st Street has undergone several revisions over the years. Starting from the 2007 revision, the value was Rs 2,500 per sq.ft. This increased significantly to Rs 6,000 per sq.ft in 2012, marking a 140% rise. However, in the 2017 revision, the value dropped to Rs 4,020 per sq.ft, reflecting a decrease of 33%. The subsequent 2023 revision saw an increase to Rs 6,000 per sq.ft, followed by the current 2024 revision, which set the value at Rs 6,600 per sq.ft, a 10% increase from the previous year.

Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 164%. The revisions for the years 2002 and 2003 do not have figures listed for Varathapuram 1st Street in the register.

Guideline values in Adayar

In Adayar, there are 92 streets under the Adayar SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 15,400 per sq.ft. The median guideline value for these streets is Rs 6,100 per sq.ft, placing Varathapuram 1st Street's 2024 figure above this median.

• Varathapuram 2nd Street: Rs 6,600 per sq.ft (2024)
• Varathapuram Thideer Nagar: Rs 5,500 per sq.ft (2024)
• Valliammai Achi Road (Kotturpuram): Rs 11,000 per sq.ft (2024)
• Velacheri Road: Rs 10,500 per sq.ft (2024)
• Vellaiyan Road: Rs 10,500 per sq.ft (2024)
• Upparpalayam Anna Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Varathapuram 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, making the total charges Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Varathapuram 1st Street?

The Sub Registrar Office that covers Varathapuram 1st Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Adayar. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction process.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the correct revenue from property transactions within the area.

Frequently asked questions

What is the current guideline value of Varathapuram 1st Street?

The current guideline value of Varathapuram 1st Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 164% over this period.

What is the median guideline value of streets in Adayar?

The median guideline value of streets in Adayar is Rs 6,100 per sq.ft, with Varathapuram 1st Street's 2024 figure above this median.

What are the stamp duty and registration fees for properties in Varathapuram 1st Street?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Where is the Sub Registrar Office for Varathapuram 1st Street located?

The Sub Registrar Office for Varathapuram 1st Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.