Guideline Value for SRI VAARI NAGAR

Sri Vaari Nagar guideline value

The current guideline value of Sri Vaari Nagar, located in Mylapur village under the Oothukkottai SRO, is Rs 100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Sri Vaari Nagar has changed

In the 2017 revision, the guideline value was set at Rs 67 per sq.ft. This figure increased to Rs 100 per sq.ft in the 2023 revision, marking a 49% increase over the six-year period. The guideline value remained unchanged at Rs 100 per sq.ft in the 2024 revision, resulting in a 0% change from the previous year.

There are no figures available for the revisions in the years 2002, 2003, 2007, and 2012 for Sri Vaari Nagar. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 49%.

Guideline values in Mylapur

In Mylapur, there are 10 streets under the Oothukkottai SRO that carry a 2024 guideline value, all set at Rs 100 per sq.ft, with the median also at Rs 100 per sq.ft. Sri Vaari Nagar's 2024 figure is equal to this median.

• Sri Padmavathi Nagar: Rs 100 per sq.ft (2024)
• Venkateswara Nagar: Rs 100 per sq.ft (2024)
• V.G.P.Thirunagar-Part-I: Rs 100 per sq.ft (2024)
• Vgp Thirunagar Part-IV: Rs 100 per sq.ft (2024)
• Jothi Nagar: Rs 100 per sq.ft (2024)
• Balaji Nagar: Rs 100 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Vaari Nagar

For a 1,000 sq.ft plot at the current rate of Rs 100 per sq.ft, the guideline value would be Rs 1,00,000. The stamp duty at 7% would amount to Rs 7,000, and the registration fee at 2% would be Rs 2,000, leading to a total of Rs 9,000. Duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Sri Vaari Nagar?

The Sub Registrar Office that covers Sri Vaari Nagar is the Oothukkottai Sub Registrar Office, located near the government hospital in Uthukottai, 602026, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Mylapur, as it determines the minimum value at which properties can be registered. This value is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the guideline value, as it affects the overall cost of the transaction. Buyers should ensure that the sale price is at least equal to the guideline value to avoid any legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Sri Vaari Nagar?

The current guideline value of Sri Vaari Nagar is Rs 100 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed in recent years?

Since the 2017 revision, the guideline value has increased by 49%, rising from Rs 67 per sq.ft to Rs 100 per sq.ft in the 2023 revision. The value remained unchanged in the 2024 revision.

What is the land classification of Sri Vaari Nagar?

Sri Vaari Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, a 1,000 sq.ft plot would incur a total of Rs 9,000 in fees.

Which Sub Registrar Office covers Mylapur?

The Oothukkottai Sub Registrar Office covers Mylapur, located near the government hospital in Uthukottai, 602026, Chennai registration zone.