Guideline Value for Varun Avenue

Varun Avenue guideline value

The current guideline value of Varun Avenue is Rs 2,310 per sq.ft, effective from 1 July 2024. This street is located in Perungalathur village, under the Padappai SRO, and falls under the Residential Class II Type - I land classification.

How the guideline value of Varun Avenue has changed

The guideline value for Varun Avenue has seen several revisions over the years. In 2007, the guideline value was set at Rs 250 per sq.ft, which increased significantly to Rs 2,100 per sq.ft in 2012. However, from 2012 to 2017, there was a decrease to Rs 1,407 per sq.ft. Following that, the value rose sharply to Rs 2,100 per sq.ft in 2023, and currently stands at Rs 2,310 per sq.ft as of the 2024 revision. Notably, there are no figures available for the years 2002 and 2003 for this street.

Examining the changes between revisions, the guideline value increased by 740% from 2007 to 2012, then decreased by 33% from 2012 to 2017. It saw a substantial rise of 49% from 2017 to 2023, and a further increase of 10% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 824%.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO that have a guideline value for 2024, ranging from Rs 1,320 to Rs 5,500 per sq.ft. The median value is Rs 2,310 per sq.ft, which is equal to the current guideline value of Varun Avenue.

• Vasantham Avenue: Rs 2,310 per sq.ft (2024)
• Vasantham Nagar: Rs 2,310 per sq.ft (2024)
• Varadhan Street: Rs 2,310 per sq.ft (2024)
• Varadha Nagar: Rs 3,120 per sq.ft (2024)
• Varadarasan Street: Rs 2,310 per sq.ft (2024)
• Vanchinathan Theru: Rs 2,310 per sq.ft (2024)

Stamp duty and registration fee for property in Varun Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,310 per sq.ft, the total guideline value amounts to Rs 23,10,000. The stamp duty at 7% would be Rs 1,61,700, and the registration fee at 2% would be Rs 46,200, bringing the total fees together to Rs 2,07,900. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Varun Avenue?

The Sub Registrar Office that covers Varun Avenue is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. For more information, you can find your SRO.

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

The guideline value is a critical factor when registering property in Perungalathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the transaction's legitimacy. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Varun Avenue?

The current guideline value of Varun Avenue is Rs 2,310 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 2,310 per sq.ft in 2024, reflecting an overall increase of 824% over the years.

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

For a property valued at Rs 23,10,000, the stamp duty would be Rs 1,61,700, and the registration fee would be Rs 46,200, totaling Rs 2,07,900.

Which Sub Registrar Office covers Varun Avenue?

The Padappai Sub Registrar Office covers Varun Avenue, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the land classification for Varun Avenue?

Varun Avenue falls under the Residential Class II Type - I land classification, indicating its suitability for residential development.