Guideline Value for Sri Varadaman Nagar

Sri Varadaman Nagar guideline value

The current guideline value of Sri Varadaman Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Mannivakkam village and falls under the Gooduvancheri SRO. The land classification for this street is Residential Special Type - III.

How the guideline value of Sri Varadaman Nagar has changed

The guideline value for Sri Varadaman Nagar has seen several revisions over the years. In the 2007 revision, the value was set at Rs 250 per sq.ft. This figure increased significantly to Rs 1,200 per sq.ft in 2012, marking a rise of 380%. However, in the 2017 revision, the value dropped to Rs 804 per sq.ft, a decrease of 33%. The 2023 revision brought the value up to Rs 1,200 per sq.ft, followed by a further increase to the current rate of Rs 1,320 per sq.ft in 2024, which is a 10% rise from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 428%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Mannivakkam

In Mannivakkam, there are 118 streets under the Gooduvancheri SRO with a 2024 guideline value ranging from Rs 330 to Rs 4,300 per sq.ft. The median value among these streets is Rs 1,215 per sq.ft, placing Sri Varadaman Nagar's 2024 figure above that median.

• Sri Venkateshwarar Nagar: Rs 1,100 per sq.ft (2024)
• Sri Shunmuga Nagar Part I, II: Rs 1,320 per sq.ft (2024)
• Sri Shunmuga Nagar: Rs 1,320 per sq.ft (2024)
• Sri Shumuga Nagar 1st Main Road: Rs 1,320 per sq.ft (2024)
• Sri Venkateswara Nagar Extn: Rs 1,100 per sq.ft (2024)
• Sri Shanmuga Nagar Extn: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Varadaman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty, charged at 7%, would be Rs 92,400, while the registration fee at 2% would be Rs 26,400. Together, these fees would total Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Varadaman Nagar?

The Sri Varadaman Nagar area is covered by the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanjery-603202, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Mannivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the costs involved in the transaction, based on the established guideline value of the property.

Frequently asked questions

What is the current guideline value of Sri Varadaman Nagar?

The current guideline value of Sri Varadaman Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, marking an overall increase of 428% over the years.

What is the land classification for Sri Varadaman Nagar?

Sri Varadaman Nagar is classified as Residential Special Type - III, indicating its designation for residential development.

Where can I find the Gooduvancheri Sub Registrar Office?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanjery-603202, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Sri Varadaman Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the guideline value of Rs 1,320 per sq.ft, the stamp duty would be Rs 92,400.