Guideline Value for Sri Venkateswara Nagar

Sri Venkateswara Nagar guideline value

The current guideline value of Sri Venkateswara Nagar, located in Korattur village under the Villivakkam SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - III.

How the guideline value of Sri Venkateswara Nagar has changed

In the 2012 revision, the guideline value was set at Rs 3,000 per sq.ft. This was followed by a decrease in the 2017 revision, where the value dropped to Rs 2,010 per sq.ft, marking a decline of 33%. However, in the 2024 revision, the guideline value increased significantly to Rs 3,300 per sq.ft, representing a rise of 64% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%.

It is important to note that the register has no figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value among these streets is Rs 2,500 per sq.ft, placing Sri Venkateswara Nagar's 2024 figure above this median.

• Sri Veera Raghava Nagar: Rs 2,100 per sq.ft (2024)
• Sri Vatsa Nagar Annex II, III: Rs 1,600 per sq.ft (2024)
• Sri Vatsa Nagar: Rs 1,600 per sq.ft (2024)
• Station Road (Avin To Bus Stand): Rs 4,900 per sq.ft (2024)
• Station Road (From Britannia To Avain): Rs 4,400 per sq.ft (2024)
• Station Road (Korattur Bus Terminus To Railway Station): Rs 4,400 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 guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, these fees would total Rs 2,97,000. 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 detailed calculations.

Which Sub Registrar Office covers Sri Venkateswara Nagar?

Sri Venkateswara Nagar falls under the jurisdiction of the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Korattur. It serves as the benchmark for calculating stamp duty and registration fees, which are mandatory for all property sales.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair price, as it reflects the current market conditions as determined by the Registration Department. This helps maintain transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value for Sri Venkateswara Nagar?

The current guideline value for Sri Venkateswara Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then increased to Rs 3,300 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024.

What is the land classification for Sri Venkateswara Nagar?

Sri Venkateswara Nagar is classified as Residential Special Type - III, indicating its suitability for residential development.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

Where is the Sub Registrar Office for Sri Venkateswara Nagar located?

The Sub Registrar Office covering Sri Venkateswara Nagar is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.