Guideline Value for Sri Varalakshmi Nagar

Sri Varalakshmi Nagar guideline value

The current guideline value of Sri Varalakshmi Nagar is Rs 440 per sq.ft, effective from 1 July 2024. This area is located in Navaloor village, under the Padappai Sub Registrar Office (SRO), and is classified as Residential Class II 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. The earliest recorded figure is from the 2017 revision, which was Rs 268 per sq.ft. This increased to Rs 400 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 sees the guideline value set at Rs 440 per sq.ft, reflecting a 10% increase from the previous year.

From the 2017 revision to the 2024 revision, there has been an overall increase of 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Navaloor

In Navaloor, there are 26 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,000 per sq.ft, with a median value of Rs 550 per sq.ft. The guideline value for Sri Varalakshmi Nagar is below this median.

• Srinivasa Perumal Nagar: Rs 550 per sq.ft (2024)
• Sri Krishna Nagar Part - I S.Nos.2/2b1, 2b2: Rs 550 per sq.ft (2024)
• Sri Krishna Nagar Part - I: Rs 550 per sq.ft (2024)
• Sri Ganeshji Nagar: Rs 440 per sq.ft (2024)
• Sree Varalakshmi Avenue: Rs 550 per sq.ft (2024)
• S.L.S Nagar: Rs 550 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 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, bringing the total to Rs 39,600. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Varalakshmi Nagar?

The Sri Varalakshmi Nagar area is covered by 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 Navaloor

The guideline value is a crucial factor during the registration of property transactions in Navaloor. It serves as a benchmark for determining the stamp duty and registration fees that must be paid, ensuring that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Sri Varalakshmi Nagar?

The current guideline value of Sri Varalakshmi Nagar is Rs 440 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 268 per sq.ft to Rs 440 per sq.ft in 2024, reflecting an overall increase of 64%.

What are the stamp duty and registration fees for properties in Sri Varalakshmi Nagar?

For a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800 and the registration fee would be Rs 8,800, totaling Rs 39,600.

Which office handles property registrations in Sri Varalakshmi Nagar?

The Padappai Sub Registrar Office handles property registrations for Sri Varalakshmi Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the guideline value determined for properties?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and location. It is revised periodically to reflect changes in the real estate market.