Guideline Value for Sri Venkatesa Nagar

Sri Venkatesa Nagar guideline value

The current guideline value of Sri Venkatesa Nagar, located in Alamathi village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Sri Venkatesa Nagar has changed

The guideline value for Sri Venkatesa Nagar has seen significant changes over the years. In the 2003 revision, the value was Rs 19 per sq.ft. This increased dramatically to Rs 200 per sq.ft in 2007, marking a rise of 953%. The 2012 revision saw a slight increase to Rs 500 per sq.ft, followed by a decrease to Rs 335 per sq.ft in 2017, which represented a drop of 33%. The value then increased to Rs 500 per sq.ft in 2023, and the most recent revision in 2024 set the guideline value at Rs 550 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 2,795%. The register has no figure for the year 2002 for this street.

Guideline values in Alamathi

In Alamathi village, there are 54 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,100 per sq.ft, with the median value being Rs 550 per sq.ft. The guideline value for Sri Venkatesa Nagar is equal to this median.

• Sri Venkateshwara Nagar Modern Town: Rs 550 per sq.ft (2024)
• Sri Vari Garden: Rs 1,100 per sq.ft (2024)
• Sri Vijayalakshmi Nagar: Rs 770 per sq.ft (2024)
• Sri Vijayalakshmi Nagar Extn-1: Rs 770 per sq.ft (2024)
• Subamangalam Annexer Nagar: Rs 770 per sq.ft (2024)
• Sri Ram Nagar West: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Venkatesa Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. 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 Venkatesa Nagar?

The Sub Registrar Office that covers Sri Venkatesa Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Alamathi. It serves as a benchmark for determining the stamp duty and registration fees that must be paid. Buyers and sellers should be aware that the guideline value is used to assess the official value of the property, which can impact the overall cost of the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Sri Venkatesa Nagar?

The current guideline value of Sri Venkatesa Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 19 per sq.ft in 2003 to Rs 550 per sq.ft in 2024, reflecting an overall increase of 2,795% over this period.

What are the stamp duty and registration fees for property in Sri Venkatesa Nagar?

For a 1,000 sq.ft plot at the current guideline value, the total guideline value is Rs 5,50,000. The stamp duty would be Rs 38,500, and the registration fee would be Rs 11,000, totaling Rs 49,500.

Which Sub Registrar Office covers Sri Venkatesa Nagar?

The Redhills Sub Registrar Office covers Sri Venkatesa Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification for Sri Venkatesa Nagar?

The land classification for Sri Venkatesa Nagar is Residential Class II Type - I, which indicates its intended use for residential purposes.