Guideline Value for Sri Varalakshmi Nagar Extension

Sri Varalakshmi Nagar Extension guideline value

The current guideline value of Sri Varalakshmi Nagar Extension is Rs 1,000 per sq.ft, effective from 1 July 2024. This area is located in Kavanur village, under the Gooduvancheri SRO, and is classified as Residential Special Type - IV.

How the guideline value of Sri Varalakshmi Nagar Extension has changed

Over the years, the guideline value for Sri Varalakshmi Nagar Extension has seen several revisions. The 2012 revision set the value at Rs 1,000 per sq.ft, which remained unchanged in the subsequent 2017 revision. The 2017 revision saw a decrease to Rs 670 per sq.ft. However, from 2017 to the 2023 revision, the value increased significantly by 49%, bringing it back to Rs 1,000 per sq.ft. The 2023 revision maintained this value into 2024, showing no change from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has remained stable, with an overall change of 0%.

Guideline values in Kavanur

In Kavanur, there are 109 streets under the Gooduvancheri SRO that carry a 2024 guideline value ranging from Rs 500 to Rs 2,239 per sq.ft, with a median value of Rs 800 per sq.ft. The guideline value of Sri Varalakshmi Nagar Extension is above this median.

• Sri Varalakshmi Nagar: Rs 600 per sq.ft (2024)
• Sri Vigneshwarar Nagar: Rs 600 per sq.ft (2024)
• Sri Sai Santhi Nagar Phase -II: Rs 1,000 per sq.ft (2024)
• Sri Sai Santhi Nagar Phase -I: Rs 670 per sq.ft (2024)
• Sri Sai Nagar: Rs 800 per sq.ft (2024)
• Sri Sai Baba Nagar: Rs 700 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value amounts to Rs 10,00,000. The stamp duty, calculated at 7%, would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, bringing the total cost of duty and fees to Rs 90,000. Please note that 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 Sri Varalakshmi Nagar Extension?

The Sri Varalakshmi Nagar Extension falls under the jurisdiction of the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is an essential factor when registering property transactions in Kavanur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the buyer and seller must ensure that the transaction is registered at the appropriate Sub Registrar Office, using the guideline value to calculate the applicable fees. This ensures compliance with local regulations and helps in maintaining accurate records of property transactions.

Frequently asked questions

What is the current guideline value of Sri Varalakshmi Nagar Extension?

The current guideline value of Sri Varalakshmi Nagar Extension is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 1,000 per sq.ft since the 2012 revision, with a decrease to Rs 670 per sq.ft in 2017, followed by an increase back to Rs 1,000 per sq.ft in 2023. There was no change from 2023 to 2024.

What is the land classification of Sri Varalakshmi Nagar Extension?

Sri Varalakshmi Nagar Extension is classified as Residential Special Type - IV, which reflects the type of development and usage permitted in this area.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, for a property valued at Rs 10,00,000, the total fees would amount to Rs 90,000.

Where can I find the Gooduvancheri Sub Registrar Office?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find more details online.