Guideline Value for Garden City

Garden City guideline value

The current guideline value of Garden City, located in Varadarajapuram village under the Padappai SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Garden City has changed

Over the years, the guideline value of Garden City has seen several revisions. In 2007, the value was Rs 420 per sq.ft, which increased to Rs 1,000 per sq.ft in 2012. However, it dropped to Rs 670 per sq.ft in 2017. The 2023 revision set the value at Rs 1,000 per sq.ft, and the most recent revision in 2024 raised it to Rs 1,100 per sq.ft. The register has no figure for this street for the years 2002 and 2003.

The changes between revisions are notable. From 2007 to 2012, there was an increase of 138%, followed by a decrease of 33% from 2012 to 2017. The value saw a significant rise of 49% from 2017 to 2023, and then a further increase of 10% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 162%.

Guideline values in Varadarajapuram

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

• Garden City Extension: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. It is important to note that the 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 more details.

Which Sub Registrar Office covers Garden City?

The Sub Registrar Office that covers Garden City is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Varadarajapuram. It serves as a basis for calculating the stamp duty and registration fees, ensuring that both buyers and sellers adhere to the legal requirements during the transfer of property ownership.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. This ensures transparency and fairness in property transactions, safeguarding the interests of all parties involved.

Frequently asked questions

What is the current guideline value of Garden City?

The current guideline value of Garden City 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 420 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, showing an overall increase of 162% over the years.

What is the land classification for Garden City?

The land classification for Garden City is Residential Class II Type - I.

Where can I find the Sub Registrar Office for Garden City?

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

How is the stamp duty calculated for properties in Garden City?

The stamp duty for properties in Garden City 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 amount to Rs 77,000 at a rate of 7%.