Guideline Value for Sri Venkateshwara Nagar

Sri Venkateshwara Nagar guideline value

The current guideline value of Sri Venkateshwara Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Puzhal village, under the Redhills SRO, and is classified as Residential Class II Type - I.

How the guideline value of Sri Venkateshwara Nagar has changed

Since the 2007 revision, the guideline value has seen significant changes. In 2007, the value was Rs 300 per sq.ft, which increased to Rs 800 per sq.ft in 2012. However, it then decreased to Rs 536 per sq.ft in 2017. The 2023 revision set the value at Rs 1,000 per sq.ft, and the most recent revision in 2024 has raised it to Rs 1,100 per sq.ft.

Looking at the changes, from 2017 to 2023, there was an increase of 87%. The jump from 2012 to 2017 saw a decrease of 33%, while from 2007 to 2012, the value rose by 167%. Overall, from 2007 to 2024, the guideline value has increased by 267%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Puzhal

In Puzhal, there are 270 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 1,102 per sq.ft, indicating that Sri Venkateshwara Nagar's 2024 figure is slightly below the median.

• Sri Shanmugam Nagar: Rs 1,100 per sq.ft (2024)
• St. Joseph Nagar: Rs 1,102 per sq.ft (2024)
• S.T.V. Nagar: Rs 1,100 per sq.ft (2024)
• Subash Chandra Bose Street: Rs 1,100 per sq.ft (2024)
• Sri Ramakrishna Nagar: Rs 1,102 per sq.ft (2024)
• Sunkeshwar Parshwanath Nagar: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Venkateshwara Nagar

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Venkateshwara Nagar?

The Sub Registrar Office covering Sri Venkateshwara 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 Puzhal

The guideline value is an essential reference for property transactions in Puzhal. It determines the minimum value at which properties must be registered, ensuring that the government receives appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the cost of transactions and ensuring compliance with legal requirements. It is crucial for both buyers and sellers 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 Venkateshwara Nagar?

The current guideline value of Sri Venkateshwara Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed significantly, from Rs 300 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, marking an overall increase of 267%.

What is the land classification for Sri Venkateshwara Nagar?

Sri Venkateshwara Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where is the Redhills Sub Registrar Office located?

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

How is stamp duty calculated in Sri Venkateshwara Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot valued at Rs 11,00,000, the stamp duty would be Rs 77,000.