Guideline Value for Varatharaj street

Varatharaj street guideline value

The current guideline value of Varatharaj street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of Varatharaj street has changed

The guideline value for Varatharaj street has undergone several revisions over the years. In 2007, the guideline value was Rs 1,200 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking a 192% rise. However, it then decreased to Rs 2,345 per sq.ft in 2017, showing a decline of 33%. The value then rose again to Rs 3,500 per sq.ft in 2023, and subsequently increased to Rs 3,800 per sq.ft in 2024, reflecting a 9% change.

Overall, from 2007 to 2024, the guideline value has increased by 217%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median guideline value in this area is Rs 5,500 per sq.ft, placing Varatharaj street's 2024 figure below that median.

• Vaniar street (Oil Monger street): Rs 7,100 per sq.ft (2024)
• Valluvar Nagar(Thaniaar): Rs 3,800 per sq.ft (2024)
• Velayudham street: Rs 3,800 per sq.ft (2024)
• Vadamaracoir street: Rs 5,500 per sq.ft (2024)
• Venkata Iyer lane: Rs 5,500 per sq.ft (2024)
• Venkata Iyer street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Varatharaj street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, while the registration fee at 2% would be Rs 76,000, bringing the total cost for these fees to Rs 3,42,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information on calculating your fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Varatharaj street?

The Sub Registrar Office that covers Varatharaj street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Muthialpet. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher.

When engaging in a property transaction, it is essential to be aware of the current guideline value, as it directly impacts the financial obligations associated with the transfer of ownership.

Frequently asked questions

What is the current guideline value of Varatharaj street?

The current guideline value of Varatharaj street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2007 to Rs 3,800 per sq.ft in 2024, showing an overall increase of 217% over the years.

What are the stamp duty rates for properties on Varatharaj street?

The stamp duty rate for properties on Varatharaj street is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office should I contact for transactions on Varatharaj street?

The Chennai North Joint I Sub Registrar Office covers Varatharaj street. It is located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

What is the median guideline value in Muthialpet?

The median guideline value in Muthialpet is Rs 5,500 per sq.ft, which means Varatharaj street's current value is below this median.