Guideline Value for Varatharaja Perumal Street

Varatharaja Perumal Street guideline value

The current guideline value of Varatharaja Perumal Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, classified as Residential Class II Type - II.

How the guideline value of Varatharaja Perumal Street has changed

Over the years, the guideline value of Varatharaja Perumal Street has seen several revisions. The 2012 revision set the value at Rs 1,000 per sq.ft, which was then reduced to Rs 670 per sq.ft in the 2017 revision, marking a decrease of 33%. However, the value increased significantly to Rs 1,000 per sq.ft in the 2023 revision, and further rose to Rs 1,100 per sq.ft in the 2024 revision, reflecting a 10% increase.

From the 2017 revision to the 2023 revision, there was a substantial increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 1,650 per sq.ft. Varatharaja Perumal Street's current guideline value is below this median.

• Varatharajan Street(Thurai Samy Nagar): Rs 2,750 per sq.ft (2024)
• Varghesh Avenue: Rs 3,520 per sq.ft (2024)
• Varadharajan Street: Rs 1,100 per sq.ft (2024)
• Varadhan Street: Rs 1,100 per sq.ft (2024)
• Vasavi Nagar: Rs 1,650 per sq.ft (2024)
• Vasugi Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Varatharaja Perumal Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, resulting in a total of Rs 99,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Varatharaja Perumal Street?

The Sub Registrar Office that covers Varatharaja Perumal Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Varatharaja Perumal Street?

The current guideline value of Varatharaja Perumal Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then increased to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

Which office handles registrations for Varatharaja Perumal Street?

The Tambaram Joint 1 Sub Registrar Office handles registrations for Varatharaja Perumal Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is essential for ensuring that the correct amounts are paid to the government based on the higher of the guideline value or the sale price.