Guideline Value for Sri Sakthi Nagar Extension

Sri Sakthi Nagar Extension guideline value

The current guideline value for Sri Sakthi Nagar Extension in Varadarajapuram village, under the Padappai SRO, is Rs 1,980 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Sri Sakthi Nagar Extension has changed

The guideline value for Sri Sakthi Nagar Extension has seen several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which was then reduced to Rs 1,206 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,800 per sq.ft in 2023 and further rose to the current rate of Rs 1,980 per sq.ft in 2024, marking a 10% increase from the previous year.

In summary, from 2012 to 2024, the overall change in the guideline value is an increase of 10%. The revisions for the years 2002, 2003, and 2007 do not have figures listed for this street.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO, with guideline values ranging from Rs 880 to Rs 4,100 per sq.ft. The median value is Rs 1,650 per sq.ft, placing the guideline value for Sri Sakthi Nagar Extension above this median.

• Sri Sarveswari Nagar: Rs 1,650 per sq.ft (2024)
• Sri Ram Nagar Extn: Rs 1,650 per sq.ft (2024)
• Sri Venkateswara Nagar: Rs 990 per sq.ft (2024)
• Sriram Nagar: Rs 1,650 per sq.ft (2024)
• Sri Vimal Nagar: Rs 1,650 per sq.ft (2024)
• Sri Parameshwari Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Sakthi Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total cost for these fees to Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information on calculating these fees.

Which Sub Registrar Office covers Sri Sakthi Nagar Extension?

The Sri Sakthi Nagar Extension falls under the jurisdiction of the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration process of property transactions in Varadarajapuram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the official valuation of the property.

When buying or selling property, it is essential to be aware of the guideline value, as it can influence the overall transaction costs. Buyers and sellers should consult the guideline value register to understand the applicable rates for their specific property.

Frequently asked questions

What is the current guideline value for Sri Sakthi Nagar Extension?

The current guideline value for Sri Sakthi Nagar Extension is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then increased to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,980 per sq.ft in 2024.

What is the land classification for Sri Sakthi Nagar Extension?

Sri Sakthi Nagar Extension is classified as Residential Special Type - I, indicating its designation for residential use.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 19,80,000, the stamp duty would be Rs 1,38,600, and the registration fee would be Rs 39,600, totaling Rs 1,78,200.

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.