Guideline Value for Sri Venkateshwara Nagar Modern Town

Sri Venkateshwara Nagar Modern Town guideline value

The current guideline value of Sri Venkateshwara Nagar Modern Town is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Alamathi village under the Redhills SRO and is classified as Residential Class II Type - I.

How the guideline value of Sri Venkateshwara Nagar Modern Town has changed

The guideline value of Sri Venkateshwara Nagar Modern Town has experienced several revisions over the years. The 2007 revision set the value at Rs 200 per sq.ft, which increased to Rs 500 per sq.ft in 2012. However, there was a significant drop to Rs 335 per sq.ft in 2017. The value then rose to Rs 500 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 550 per sq.ft. Notably, the register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%, while the jump from 2023 to 2024 was 10%. The 2012 to 2017 period saw a decrease of 33%, and from 2007 to 2012, there was a substantial increase of 150%. Overall, the guideline value has risen by 175% from 2007 to 2024.

Guideline values in Alamathi

In Alamathi, 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 a median of Rs 550 per sq.ft. The guideline value for Sri Venkateshwara Nagar Modern Town aligns with this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total cost for these fees to Rs 49,500. It's important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Sri Venkateshwara Nagar Modern Town?

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

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

The guideline value is crucial when buying or selling property in Alamathi, as it serves as a benchmark for determining the stamp duty and registration fees. When a property transaction occurs, the guideline value is used to calculate these fees, ensuring that the government receives the appropriate revenue from property sales.

Additionally, the guideline value helps maintain transparency in property transactions, providing a standardized measure that reflects the value of land in specific areas. This system aims to prevent undervaluation and ensure fair dealings in the real estate market.

Frequently asked questions

What is the current guideline value of Sri Venkateshwara Nagar Modern Town?

The current guideline value of Sri Venkateshwara Nagar Modern Town 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 from Rs 200 per sq.ft in 2007 to Rs 550 per sq.ft in 2024, reflecting an overall increase of 175% over this period.

What is the land classification for Sri Venkateshwara Nagar Modern Town?

Sri Venkateshwara Nagar Modern Town is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Sri Venkateshwara Nagar Modern Town is the Redhills Sub Registrar Office, located at Sub Registrar Office, Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, a property with a guideline value of Rs 5,50,000 would incur a stamp duty of Rs 38,500 at the rate of 7%.