Guideline Value for SRI VARI AVENUE

Sri Vari Avenue guideline value

The current guideline value of Sri Vari Avenue, located in Koladi village, is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class I Type - II.

How the guideline value of Sri Vari Avenue has changed

Over the years, the guideline value of Sri Vari Avenue has seen several revisions. The earliest available figure is from 2012, which was Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in 2017. The 2023 revision saw an increase to Rs 1,500 per sq.ft, and the most recent revision in 2024 raised it to Rs 1,650 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Examining the changes, from 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the guideline value increased significantly by 49%. The 2023 to 2024 revision reflects a 10% increase, resulting in an overall increase of 10% from 2012 to 2024.

Guideline values in Koladi

In Koladi village, there are 175 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 660 to Rs 4,000 per sq.ft. The median guideline value in this area is Rs 1,100 per sq.ft, placing the guideline value of Sri Vari Avenue above this median.

• Sri Subharam Avenue: Rs 1,105 per sq.ft (2024)
• Sri Subbaaraam Avenue: Rs 1,105 per sq.ft (2024)
• Sri Srinivasa Nagar: Rs 660 per sq.ft (2024)
• Sriram Nagar Extension: Rs 1,650 per sq.ft (2024)
• Swamy Natesanar Madam Street: Rs 660 per sq.ft (2024)
• Swamy Ramadasar Street: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Vari Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000. Together, the total cost for stamp duty and registration would be Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Vari Avenue?

The Sub Registrar Office that covers Sri Vari Avenue is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Koladi. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which ensures compliance with legal requirements during the property transaction.

Frequently asked questions

What is the current guideline value of Sri Vari Avenue?

The current guideline value of Sri Vari Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What are the other streets in Koladi with their guideline values?

Other streets in Koladi include Sri Subharam Avenue and Sri Subbaaraam Avenue, both at Rs 1,105 per sq.ft, and Sri Srinivasa Nagar, Sriram Nagar Extension, Swamy Natesanar Madam Street, and Swamy Ramadasar Street, with values ranging from Rs 660 to Rs 1,650 per sq.ft.

How is stamp duty calculated for properties in Sri Vari Avenue?

Stamp duty for properties in Sri Vari Avenue is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office for Sri Vari Avenue at the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. More information can be found by following the link provided.