Guideline Value for Silvermist Avenue

Silvermist Avenue guideline value

The current guideline value of Silvermist Avenue in Varadarajapuram village, under the Padappai SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This classification falls under Residential Special Type - II.

How the guideline value of Silvermist Avenue has changed

Over the years, the guideline value of Silvermist Avenue has seen significant changes. The 2007 revision recorded a value of Rs 175 per sq.ft, which increased dramatically to Rs 1,500 per sq.ft in 2012, marking a rise of 757%. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft, reflecting a decline of 33%. The subsequent revision in 2023 set the value at Rs 1,500 per sq.ft, which then increased to the current rate of Rs 1,650 per sq.ft in 2024, a rise of 10%.

In summary, the guideline value rose from Rs 175 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, an overall increase of 843%. The register has no figures for the years 2002 and 2003 for this street.

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. The median value is Rs 1,650 per sq.ft, which is equal to the current guideline value of Silvermist Avenue.

• Singara Nagar: Rs 1,100 per sq.ft (2024)
• Singaravelan Nagar: Rs 1,650 per sq.ft (2024)
• Shriram Nagar Extension: Rs 1,650 per sq.ft (2024)
• Sivagami Nagar: Rs 990 per sq.ft (2024)
• Shri Kishanlal Avenue: Rs 3,300 per sq.ft (2024)
• Shobha Queens Land: Rs 2,960 per sq.ft (2024)

Stamp duty and registration fee for property in Silvermist 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, bringing the total cost for these fees to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Silvermist Avenue?

The Sub Registrar Office that covers Silvermist Avenue 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 more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Varadarajapuram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions within the region.

Frequently asked questions

What is the current guideline value of Silvermist Avenue?

The current guideline value of Silvermist 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 175 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, showing an overall increase of 843% over the years.

What is the land classification for Silvermist Avenue?

Silvermist Avenue is classified under Residential Special Type - II.

Where is the Padappai Sub Registrar Office located?

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

How is stamp duty calculated for properties in Silvermist Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For instance, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at 7%.