Guideline Value for Varsha Nagar

Varsha Nagar guideline value

The current guideline value of Varsha Nagar, located in Kunrathour-B village under the Kunrathur SRO, is Rs 1,540 per sq.ft as per the 2024 revision effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Varsha Nagar has changed

The guideline value of Varsha Nagar has undergone several revisions over the years. The 2017 revision set the value at Rs 938 per sq.ft, which then increased to Rs 1,400 per sq.ft in the 2023 revision. The most recent 2024 revision saw a further increase to Rs 1,540 per sq.ft, marking a 10% rise from the previous year. There are no figures available for the revisions in 2002, 2003, 2007, and 2012.

From the 2017 revision to the 2023 revision, the guideline value increased by 49%. Overall, from 2017 to 2024, the guideline value has risen by 64%, reflecting the changes in property valuation in this area.

Guideline values in Kunrathour-B

In Kunrathour-B, there are 325 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 660 to Rs 5,130 per sq.ft. The median guideline value is Rs 1,540 per sq.ft, which is equal to the current value for Varsha Nagar.

• Varsha Nagar Annexe: Rs 1,540 per sq.ft (2024)
• Vannia Street: Rs 1,540 per sq.ft (2024)
• Velan Nagar: Rs 1,540 per sq.ft (2024)
• Vaithilingam Nagar: Rs 4,580 per sq.ft (2024)
• Velmurugan Nagar: Rs 1,540 per sq.ft (2024)
• Vel Nagar / Extension: Rs 2,090 per sq.ft (2024)

Stamp duty and registration fee for property in Varsha Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,540 per sq.ft, the total guideline value would be Rs 15,40,000. The stamp duty at 7% would amount to Rs 1,07,800, and the registration fee at 2% would be Rs 30,800, bringing the total to Rs 1,38,600. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Varsha Nagar?

The Sub Registrar Office that covers Varsha Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Kunrathour-B

The guideline value plays a crucial role during the registration of property transactions in Kunrathour-B. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that all property transactions are in compliance with the regulations set by the state.

When buying or selling property, it is essential to consider the guideline value, as it reflects the official valuation of the property. This value is used by the authorities to assess the applicable fees, thereby influencing the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Varsha Nagar?

The current guideline value of Varsha Nagar is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 938 per sq.ft in 2017 to Rs 1,400 per sq.ft in 2023, and further to Rs 1,540 per sq.ft in 2024. This represents a 64% increase overall from 2017 to 2024.

What is the land classification for Varsha Nagar?

Varsha Nagar is classified as Residential Special Type - I, indicating its designation for residential development.

What are the stamp duty and registration fees for property in Varsha Nagar?

For a property valued at Rs 15,40,000, the stamp duty would be Rs 1,07,800 and the registration fee would be Rs 30,800, totaling Rs 1,38,600. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Varsha Nagar located?

The Sub Registrar Office for Varsha Nagar is located at No.59, Road Street, Kundrathur, Chennai -600 069. This office handles all registrations for properties in the area.