Guideline Value for Varatharajapuram

Varatharajapuram guideline value

The current guideline value of Varatharajapuram is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Varatharajapuram has changed

The guideline value of Varatharajapuram has undergone several revisions over the years. In 2002, the value was Rs 718 per sq.ft, which increased to Rs 805 per sq.ft in 2003, marking a 12% rise. The value further increased to Rs 1,800 per sq.ft in 2007, reflecting a significant 124% change from the previous revision. By 2017, the guideline value reached Rs 2,345 per sq.ft, a 30% increase from 2007. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, representing a 64% increase from 2017. The register has no figure for the years 2012 and 2023 for this street.

Overall, from 2002 to 2024, the guideline value has seen a remarkable increase of 436%. This progression highlights the changes in the valuation of properties in Varatharajapuram over the years.

Guideline values in Velachery

In Velachery, there are a total of 2,691 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, indicating that Varatharajapuram's 2024 figure is below this median.

• Varatharajapuram Lane I: Rs 3,850 per sq.ft (2024)
• Varadharajapuram (Velachery Tharamani Road): Rs 13,200 per sq.ft (2024)
• Varadharajapuram/Velacheri Taramani Link Road: Rs 13,200 per sq.ft (2024)
• Varadharajapuram Officers Colony: Rs 13,200 per sq.ft (2024)
• Vanjinathan Street/Annai Indira Nagar: Rs 4,400 per sq.ft (2024)
• Vanjinathan Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Varatharajapuram

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total cost for these charges Rs 3,46,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Varatharajapuram?

The Sub Registrar Office that covers Varatharajapuram is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. 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 sold, the buyer is required to pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Varatharajapuram?

The current guideline value of Varatharajapuram is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 718 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 436% over the years.

What is the land classification of Varatharajapuram?

Varatharajapuram is classified as Residential Class II Type - III.

What are the stamp duty and registration fees for a property in Varatharajapuram?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for Varatharajapuram?

The Velacheri Sub Registrar Office handles registrations for Varatharajapuram, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.