Guideline Value for Sri Varman Nagar

Sri Varman Nagar guideline value

The current guideline value of Sri Varman Nagar, located in Oothivakkam village under the Thiruporur SRO, is Rs 200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Sri Varman Nagar has changed

Over the years, the guideline value of Sri Varman Nagar has seen several revisions. The 2012 revision set the value at Rs 200 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 134 per sq.ft. However, from 2017 to the 2023 revision, there was a significant increase of 49%, bringing the value back to Rs 200 per sq.ft. The 2024 revision also maintained this figure, showing no change from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. Thus, the guideline value has remained stable at Rs 200 per sq.ft since 2023, following a notable fluctuation from 2012 to 2017.

Guideline values in Oothivakkam

In Oothivakkam, there are 20 streets under the Thiruporur SRO with a 2024 guideline value ranging from Rs 200 to Rs 1,792 per sq.ft, with a median value of Rs 825 per sq.ft. Sri Varman Nagar's guideline value is below this median, indicating its position within the local real estate landscape.

• Sri Sivadurgai Garden: Rs 200 per sq.ft (2024)
• Sri Sathya Sai Nagar Ext II: Rs 1,792 per sq.ft (2024)
• Sri Sathya Sai Nagar Ext I: Rs 1,792 per sq.ft (2024)
• Sri Sathya Sai Nagar Extension -III: Rs 1,200 per sq.ft (2024)
• Sri Sathya Sai Nagar: Rs 1,000 per sq.ft (2024)
• Thadagam Avenue: Rs 650 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Varman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value amounts to Rs 2,00,000. The stamp duty, charged at 7%, would be Rs 14,000, and the registration fee at 2% would be Rs 4,000, leading to a total of Rs 18,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Sri Varman Nagar?

The Sub Registrar Office that covers Sri Varman Nagar is the Thiruporur Sub Registrar Office, located at No.29, South Mada Street, Thiruporur-603110, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Oothivakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is registered, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring that the transaction aligns with the official valuation set by the Registration Department.

Frequently asked questions

What is the current guideline value of Sri Varman Nagar?

The current guideline value of Sri Varman Nagar is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 200 per sq.ft since 2023, after fluctuating from Rs 134 per sq.ft in 2017 and Rs 200 per sq.ft in 2012.

What are the other streets in Oothivakkam and their guideline values?

Other streets in Oothivakkam have varying guideline values, with rates ranging from Rs 200 to Rs 1,792 per sq.ft. Notable streets include Sri Sathya Sai Nagar Ext II and Ext I, both at Rs 1,792 per sq.ft.

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

Stamp duty is charged at 7% of the higher value between the guideline value and the sale price, while the registration fee is 2%. For example, a property valued at Rs 2,00,000 incurs a total fee of Rs 18,000.

Where is the Sub Registrar Office for Sri Varman Nagar located?

The Thiruporur Sub Registrar Office is located at No.29, South Mada Street, Thiruporur-603110, Chengalpattu registration zone. This office handles all registrations for properties in Sri Varman Nagar.