Guideline Value for Sri Vari Nagar

Sri Vari Nagar guideline value

The current guideline value of Sri Vari Nagar, located in Nandhivaram village under the Gooduvancheri SRO, is Rs 1,500 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 Vari Nagar has changed

Over the years, the guideline value of Sri Vari Nagar has seen several revisions. The 2007 revision set the value at Rs 328 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in the 2012 revision. However, the value decreased by 33% to Rs 1,005 per sq.ft in the 2017 revision. Since then, the value has remained stable at Rs 1,500 per sq.ft for both the 2023 and 2024 revisions, showing no change between these two years.

Notably, the overall change from the 2007 revision to the 2024 revision is an increase of 357%. The guideline value register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Nandhivaram

Nandhivaram village has a total of 169 streets under the Gooduvancheri SRO, with the 2024 guideline values ranging from Rs 1,000 to Rs 3,500 per sq.ft. The median value for these streets is Rs 1,500 per sq.ft, placing Sri Vari Nagar's current value at this median.

• Sri Valli Nagar: Rs 1,500 per sq.ft (2024)
• Sri Venkateshwara Nagar: Rs 1,200 per sq.ft (2024)
• Sri Venkateshwara Nagar Extn.: Rs 1,200 per sq.ft (2024)
• Sri Sangara Avenue: Rs 1,000 per sq.ft (2024)
• Sterling Little Flowers: Rs 3,500 per sq.ft (2024)
• Sri Sai Baba Nagar: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Vari Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,500 per sq.ft, the total guideline value amounts to Rs 15,00,000. The stamp duty at 7% would be Rs 1,05,000, and the registration fee at 2% would be Rs 30,000, bringing the total to Rs 1,35,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Sri Vari Nagar?

Sri Vari Nagar falls under the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nandhivaram. It determines the minimum value at which the property can be registered, ensuring that the transaction is documented at a fair value.

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

Frequently asked questions

What is the current guideline value of Sri Vari Nagar?

The current guideline value of Sri Vari Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 328 per sq.ft in 2007 to Rs 1,500 per sq.ft in 2012, then decreased to Rs 1,005 per sq.ft in 2017, and has remained at Rs 1,500 per sq.ft for both 2023 and 2024 revisions.

What is the land classification for Sri Vari Nagar?

The land classification for Sri Vari Nagar is Residential Special Type - I, indicating its suitability for residential purposes.

Where can I find the registration office for Sri Vari Nagar?

The registration office covering Sri Vari Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is stamp duty calculated for properties in Sri Vari 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 15,00,000, the stamp duty would be Rs 1,05,000.