Guideline Value for Sri Varadhapuri Nagar

Sri Varadhapuri Nagar guideline value

The current guideline value of Sri Varadhapuri Nagar, located in Erumaiyur village under the Padappai SRO, is Rs 940 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Sri Varadhapuri Nagar has changed

The guideline value for Sri Varadhapuri Nagar has seen several revisions over the years. In 2012, the value was Rs 850 per sq.ft, which decreased to Rs 569 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 850 per sq.ft, marking a 49% rise. The latest revision in 2024 set the value at Rs 940 per sq.ft, reflecting an 11% increase from the previous year’s rate of Rs 850 per sq.ft.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 11%.

Guideline values in Erumaiyur

Erumaiyur village has 21 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,300 per sq.ft. The median value for these streets is Rs 940 per sq.ft, which is equal to the current guideline value for Sri Varadhapuri Nagar.

• Tambaram - Pazhanthandalam Road: Rs 550 per sq.ft (2024)
• Tambaram Somangalam Road (Royal Enclave): Rs 2,200 per sq.ft (2024)
• Sri Balaji Nagar: Rs 440 per sq.ft (2024)
• Sobha Blossom: Rs 4,300 per sq.ft (2024)
• Thiruppathi Nagar: Rs 550 per sq.ft (2024)
• Sastha Garden: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Varadhapuri Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 940 per sq.ft, the total guideline value amounts to Rs 9,40,000. The stamp duty at 7% would be Rs 65,800, and the registration fee at 2% would be Rs 18,800, making the total cost for these fees Rs 84,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Varadhapuri Nagar?

The Sub Registrar Office that covers Sri Varadhapuri Nagar 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 information.

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

The guideline value is a crucial factor when buying or selling property in Erumaiyur, as it determines the stamp duty and registration fees applicable during the transaction. This value is set by the Registration Department and is regularly revised to reflect changes in the market.

When registering a property, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Sri Varadhapuri Nagar?

The current guideline value of Sri Varadhapuri Nagar is Rs 940 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 850 per sq.ft in 2012 to Rs 569 per sq.ft in 2017, then back to Rs 850 per sq.ft in 2023, and finally to Rs 940 per sq.ft in 2024.

What is the land classification for Sri Varadhapuri Nagar?

The land classification for Sri Varadhapuri Nagar is Residential Special Type - I.

Where can I find the Sub Registrar Office for Sri Varadhapuri Nagar?

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

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

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 9,40,000, the stamp duty would be Rs 65,800.