Guideline Value for Garden City Extension

Garden City Extension guideline value

The current guideline value of Garden City Extension in Varadarajapuram village under the Padappai SRO is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Garden City Extension has changed

The guideline value for Garden City Extension has seen several revisions over the years. The oldest recorded figure is from 2017, where the value was Rs 670 per sq.ft. This increased to Rs 1,000 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 has set the guideline value at Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO carrying a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value for Garden City Extension is below this median.

• Garden City: Rs 1,100 per sq.ft (2024)
• Girija Nagar: Rs 990 per sq.ft (2024)
• Gogul Nagar: Rs 1,320 per sq.ft (2024)
• Ganesaburam: Rs 1,980 per sq.ft (2024)
• Gomathi Nagar: Rs 1,650 per sq.ft (2024)
• Gopal Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Garden City Extension

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, bringing the total fees to 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 the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Garden City Extension?

The Sub Registrar Office covering Garden City Extension is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To locate your SRO, visit find your SRO.

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

The guideline value is a critical factor in the registration process for property transactions in Varadarajapuram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for both parties involved. It helps in maintaining transparency and consistency in property dealings within the region.

Frequently asked questions

What is the current guideline value for Garden City Extension?

The current guideline value for Garden City Extension 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 increased from Rs 670 per sq.ft in 2017 to Rs 1,100 per sq.ft in 2024, reflecting a total increase of 64% over these years.

What is the land classification for Garden City Extension?

Garden City Extension is classified as Residential Class II Type - I according to the current land classification standards.

Where can I find the registration office for Garden City Extension?

The registration office for Garden City Extension is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 at a rate of 7%.