Guideline Value for SRI VENKATESWARA NAGAR

Sri Venkateswara Nagar guideline value

The current guideline value of Sri Venkateswara Nagar is Rs 226 per sq.ft, effective from 1 July 2024. This street is located in Kizhnallathur & Melnallathur village, under the jurisdiction of the Manavalanagar SRO, and is classified as Residential Class II Type - I.

How the guideline value of Sri Venkateswara Nagar has changed

The guideline value for Sri Venkateswara Nagar has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 225 per sq.ft. In 2017, this value decreased to Rs 151 per sq.ft, marking a decline of 33%. However, from 2017 to 2023, the value increased by 50%, bringing it to Rs 226 per sq.ft. The 2023 revision also maintained this figure, with no change noted from 2023 to 2024.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, comparing the 2012 revision to the current 2024 value, there has been no significant change, as both figures stand at Rs 226 per sq.ft.

Guideline values in Kizhnallathur & Melnallathur

In Kizhnallathur & Melnallathur, there are 67 streets under the Manavalanagar SRO that carry a 2024 guideline value ranging from Rs 175 to Rs 1,201 per sq.ft, with a median value of Rs 250 per sq.ft. The guideline value of Sri Venkateswara Nagar is below this median.

• Sri Vigneshwara Nagar: Rs 226 per sq.ft (2024)
• Sri Sakthi Nagar: Rs 226 per sq.ft (2024)
• Sun City Phase 1: Rs 226 per sq.ft (2024)
• Srinivasa Nagar: Rs 200 per sq.ft (2024)
• Sv Nagar, Gangaiamman Nagar: Rs 226 per sq.ft (2024)
• Thangam Nagar: Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Venkateswara Nagar

For a 1,000 sq.ft plot at the current rate of Rs 226 per sq.ft, the guideline value is Rs 2,26,000. The stamp duty at 7% amounts to Rs 15,820, and the registration fee at 2% is Rs 4,520, totaling Rs 20,340. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Sri Venkateswara Nagar?

The Sub Registrar Office that covers Sri Venkateswara Nagar is the Manavalanagar Sub Registrar Office, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Kizhnallathur & Melnallathur

The guideline value is a critical factor in the registration process of property transactions in Kizhnallathur & Melnallathur. It determines the minimum value at which the property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a reference point for both buyers and sellers. It is essential 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 Venkateswara Nagar?

The current guideline value of Sri Venkateswara Nagar is Rs 226 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has fluctuated, starting at Rs 225 per sq.ft in 2012, decreasing to Rs 151 per sq.ft in 2017, and then increasing to Rs 226 per sq.ft in 2023 and 2024.

Which Sub Registrar Office is responsible for Sri Venkateswara Nagar?

The Manavalanagar Sub Registrar Office is responsible for Sri Venkateswara Nagar, located at Thandalam Main Road, Nungambakkam Village, Manavalanagar-602002, Chennai registration zone.

What is the stamp duty for property in Sri Venkateswara Nagar?

The stamp duty for property in Sri Venkateswara Nagar is calculated at 7% of the guideline value. For a plot valued at Rs 2,26,000, the stamp duty would be Rs 15,820.

How does the guideline value affect property transactions?

The guideline value affects property transactions by establishing the minimum value for registration. It is used to calculate the stamp duty and registration fees, ensuring compliance with government regulations.