Guideline Value for SRI VARI NAGAR PHASE I

Sri Vari Nagar Phase I guideline value

The current guideline value of Sri Vari Nagar Phase I is Rs 440 per sq.ft, effective from 1 July 2024. This area is located in Korattur-A village and falls under the Avadi Sub Registrar Office (SRO). The land classification for this street is Residential Special Type - II.

How the guideline value of Sri Vari Nagar Phase I has changed

The guideline value for Sri Vari Nagar Phase I has undergone several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 400 per sq.ft, which increased to Rs 440 per sq.ft in the 2024 revision, marking a change of +10%.

Prior to the 2023 revision, the register does not provide any figures for the aforementioned years. The most recent revision reflects the current market conditions for the area.

Guideline values in Korattur-A

In Korattur-A, there are 10 streets under the Avadi SRO that have a 2024 guideline value ranging from Rs 220 to Rs 2,050 per sq.ft. The median guideline value in this area is Rs 1,025 per sq.ft, placing Sri Vari Nagar Phase I's 2024 figure below that median.

• Srivari Nagar: Rs 220 per sq.ft (2024)
• Sri Vari Garden: Rs 440 per sq.ft (2024)
• Vijay Raja Homes Pvt Ltd: Rs 550 per sq.ft (2024)
• K.S.S.Sun City: Rs 440 per sq.ft (2024)
• Amber County By Urban Tree: Rs 1,500 per sq.ft (2024)
• Avni - 1/2b, 5/2, 9/1a, 9/1b, 9/2a, 9/2b, 10/1a: Rs 2,050 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Vari Nagar Phase I

For a 1,000 sq.ft plot at the current guideline value of Rs 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty is calculated at 7%, resulting in Rs 30,800, while the registration fee is 2%, amounting to Rs 8,800. Together, these fees total Rs 39,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sri Vari Nagar Phase I?

The Avadi Sub Registrar Office covers Sri Vari Nagar Phase I. The office is located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Korattur-A

The guideline value plays a crucial role during the registration of property transactions in Korattur-A. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that these charges are based on the official valuation of the property.

When buying or selling property, the guideline value is used to assess the transaction's legitimacy and to ensure that the government receives the appropriate revenue from the sale. This process helps maintain transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Sri Vari Nagar Phase I?

The current guideline value of Sri Vari Nagar Phase I is Rs 440 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value was Rs 400 per sq.ft in 2023 and increased to Rs 440 per sq.ft in 2024, marking a +10% change. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017.

What other streets have guideline values in Korattur-A?

In Korattur-A, other streets have guideline values ranging from Rs 220 to Rs 2,050 per sq.ft, with the median being Rs 1,025 per sq.ft. Sri Vari Nagar Phase I's guideline value is below this median.

How is stamp duty calculated for properties in Sri Vari Nagar Phase I?

Stamp duty for properties in Sri Vari Nagar Phase I is calculated at 7% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 440 per sq.ft incurs a total stamp duty of Rs 30,800.

Where is the Sub Registrar Office for Sri Vari Nagar Phase I located?

The Avadi Sub Registrar Office, which covers Sri Vari Nagar Phase I, is located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.