Guideline Value for SRI VENKATESA PERUMAL NAGAR

Sri Venkatesa Perumal Nagar guideline value

The current guideline value of Sri Venkatesa Perumal Nagar is Rs 6,600 per sq.ft, effective from 1 July 2024. This area is located in Arumbakkam village under the Kodambakkam Sub Registrar Office (SRO) and is classified as Residential Special Type - I.

How the guideline value of Sri Venkatesa Perumal Nagar has changed

The guideline value for Sri Venkatesa Perumal Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 1,043 per sq.ft. It increased to Rs 1,149 per sq.ft in 2003, followed by a rise to Rs 1,250 per sq.ft in 2007. The value then jumped significantly to Rs 6,000 per sq.ft in 2012, before dropping to Rs 4,020 per sq.ft in 2017. The 2023 revision set the value at Rs 6,000 per sq.ft, and the latest revision for 2024 has increased it to Rs 6,600 per sq.ft.

Looking at the changes, the guideline value rose by 10% from 2023 to 2024. The increase from 2017 to 2023 was 49%. The value decreased by 33% from 2012 to 2017. There was a substantial increase of 380% from 2007 to 2012. The change from 2003 to 2007 was a modest 9%, while the increase from 2002 to 2003 was 10%. Overall, from 2002 to 2024, the guideline value has increased by 533%.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value is Rs 6,000 per sq.ft, making Sri Venkatesa Perumal Nagar's 2024 figure above this median. Below are other streets in Arumbakkam:

• State Bank Colony: Rs 6,600 per sq.ft (2024)
• Sri Sakthi Nagar South Street: Rs 6,000 per sq.ft (2024)
• Sri Sakthi Nagar East Street: Rs 6,000 per sq.ft (2024)
• Sri Sakthi Nagar: Rs 6,000 per sq.ft (2024)
• Sri Ramakrishna Street: Rs 5,300 per sq.ft (2024)
• Thanpillai Thiru Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Venkatesa Perumal Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000. Together, the total cost for duty and registration would be Rs 5,94,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Venkatesa Perumal Nagar?

The Sub Registrar Office that covers Sri Venkatesa Perumal Nagar is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a critical factor when registering property in Arumbakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the government receives the appropriate stamp duty and registration fees based on the guideline value or the sale price, whichever is higher.

When buying or selling property, both parties must consider the guideline value as it impacts the overall transaction costs. It is essential for buyers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sri Venkatesa Perumal Nagar?

The current guideline value of Sri Venkatesa Perumal Nagar is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 1,043 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 533% over this period.

What is the land classification for Sri Venkatesa Perumal Nagar?

Sri Venkatesa Perumal Nagar is classified as Residential Special Type - I, which indicates its zoning for residential purposes.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Where is the Sub Registrar Office for Sri Venkatesa Perumal Nagar located?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.