Guideline Value for Sri Varalakshmi Nagar

Sri Varalakshmi Nagar guideline value

The current guideline value for Sri Varalakshmi Nagar is Rs 800 per sq.ft, effective from 1 July 2024. This area is located in Allappakkam village and falls under the Chengleput Joint I SRO with a land classification of Residential Class I Type - I.

How the guideline value of Sri Varalakshmi Nagar has changed

The guideline value for Sri Varalakshmi Nagar has undergone several revisions over the years. In 2012, the guideline value was set at Rs 800 per sq.ft. This figure remained unchanged until the 2017 revision, where it dropped to Rs 536 per sq.ft, reflecting a decrease of 33%. Following this, the value increased significantly by 49% to Rs 800 per sq.ft in the 2023 revision, and it has remained at this rate through the 2024 revision, showing no change from the previous year.

It is important to note that 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 shown no change, remaining at Rs 800 per sq.ft.

Guideline values in Allappakkam

In Allappakkam, there are 51 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 600 to Rs 2,000 per sq.ft. The median guideline value in this area is Rs 1,102 per sq.ft, indicating that the guideline value for Sri Varalakshmi Nagar is below that median.

• Sri Sawdambiga Nagar Phase-I: Rs 902 per sq.ft (2024)
• Sri Sastha Nagar: Rs 902 per sq.ft (2024)
• Star City Phase-I: Rs 1,102 per sq.ft (2024)
• Star City Phase-II: Rs 1,102 per sq.ft (2024)
• Star City Phase-III: Rs 1,102 per sq.ft (2024)
• Star City Phase-IV: Rs 1,102 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Varalakshmi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 800 per sq.ft, the total guideline value would be Rs 8,00,000. The stamp duty at 7% would amount to Rs 56,000, and the registration fee at 2% would be Rs 16,000, bringing the total cost for these fees to Rs 72,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Varalakshmi Nagar?

The Sub Registrar Office that covers Sri Varalakshmi Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Allappakkam. It serves as the basis for calculating stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value helps determine the minimum price at which the property can be registered. This ensures transparency and compliance with legal requirements during the transaction process.

Frequently asked questions

What is the current guideline value for Sri Varalakshmi Nagar?

The current guideline value for Sri Varalakshmi Nagar is Rs 800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 in 2012 to Rs 536 in 2017, then back to Rs 800 in 2023, remaining the same through 2024.

What is the median guideline value in Allappakkam?

The median guideline value for the 51 streets in Allappakkam is Rs 1,102 per sq.ft, which is higher than the guideline value for Sri Varalakshmi Nagar.

What are the stamp duty rates for property in Sri Varalakshmi Nagar?

The stamp duty rate for property transactions in Sri Varalakshmi Nagar is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

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

The Chengleput Joint I Sub Registrar Office covers Sri Varalakshmi Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.