Guideline Value for Sree Varalakshmi Avenue

Sree Varalakshmi Avenue guideline value

The current guideline value of Sree Varalakshmi Avenue is Rs 550 per sq.ft, effective from 1 July 2024. This street is located in Navaloor village under the Padappai SRO and falls under the Residential Class I Type - I land classification.

How the guideline value of Sree Varalakshmi Avenue has changed

The guideline value for Sree Varalakshmi Avenue has seen several revisions over the years. The earliest recorded figure is from 2017, which was Rs 335 per sq.ft. This increased to Rs 500 per sq.ft in 2023, marking a significant rise of 49%. The most recent revision in 2024 set the guideline value at Rs 550 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Navaloor

In Navaloor, there are 26 streets under the Padappai SRO that have a 2024 guideline value ranging from Rs 440 to Rs 1,000 per sq.ft. The median value for these streets is Rs 550 per sq.ft, which aligns with the current guideline value for Sree Varalakshmi Avenue.

• S.L.S Nagar: Rs 550 per sq.ft (2024)
• S.L Green City: Rs 770 per sq.ft (2024)
• Sri Ganeshji Nagar: Rs 440 per sq.ft (2024)
• Sri Krishna Nagar Part - I: Rs 550 per sq.ft (2024)
• Sri Krishna Nagar Part - I S.Nos.2/2b1, 2b2: Rs 550 per sq.ft (2024)
• Srinivasa Perumal Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Sree Varalakshmi Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total to Rs 49,500. 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 Sree Varalakshmi Avenue?

The Sub Registrar Office that covers Sree Varalakshmi 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 additional assistance.

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

The guideline value plays a crucial role in the registration process of properties in Navaloor. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the correct amount based on the property's value.

Frequently asked questions

What is the current guideline value of Sree Varalakshmi Avenue?

The current guideline value of Sree Varalakshmi Avenue is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 335 per sq.ft in 2017 to Rs 500 per sq.ft in 2023, and then to Rs 550 per sq.ft in 2024. There are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street.

What are the stamp duty and registration fees for properties in Sree Varalakshmi Avenue?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total guideline value would be Rs 5,50,000, resulting in a stamp duty of Rs 38,500 and a registration fee of Rs 11,000.

Which Sub Registrar Office covers Sree Varalakshmi Avenue?

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

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is compared with the sale price, and the higher value is used for calculating the applicable fees.