Guideline Value for Varathapuram 2nd Street

Varathapuram 2nd Street guideline value

The current guideline value of Varathapuram 2nd 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 it falls under the Residential Class I Type - I land classification.

How the guideline value of Varathapuram 2nd Street has changed

The guideline value for Varathapuram 2nd Street has seen several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 2,500 per sq.ft. This increased significantly to Rs 6,000 per sq.ft in 2012, marking a 140% rise. However, from 2012 to 2017, the value decreased to Rs 4,020 per sq.ft, reflecting a 33% drop. The value then surged to Rs 6,000 per sq.ft in 2023, showing a 49% increase, and finally reached Rs 6,600 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

It is important to note that the register has no figures for Varathapuram 2nd Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 164%.

Guideline values in Adayar

In Adayar, there are 92 streets under the Adayar SRO that carry 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 2nd Street's 2024 figure above this median.

• Varathapuram 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, making the total cost for these fees 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.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Varathapuram 2nd Street?

The Sub Registrar Office that covers Varathapuram 2nd Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Adayar. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

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 appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Varathapuram 2nd Street?

The current guideline value of Varathapuram 2nd 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 significantly, starting from Rs 2,500 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, marking an overall increase of 164%.

What are the stamp duty and registration fees for properties in Varathapuram 2nd 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.

Which Sub Registrar Office covers Adayar?

The Adayar Sub Registrar Office covers Adayar, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

What is the land classification for Varathapuram 2nd Street?

Varathapuram 2nd Street falls under the Residential Class I Type - I land classification.