Guideline Value for VENBA AVENUE

Venba Avenue guideline value

The current guideline value of Venba Avenue is Rs 2,900 per sq.ft, effective from 1 July 2024. This street is located in Chitthalapakkam village under the Selaiyur SRO, classified as Industries Type - I.

How the guideline value of Venba Avenue has changed

The guideline value for Venba Avenue has undergone several revisions over the years. The 2012 revision set the value at Rs 2,700 per sq.ft, which was then reduced by 33% to Rs 1,809 per sq.ft in the 2017 revision. Following this, the value increased significantly by 49% to Rs 2,700 per sq.ft in the 2023 revision, and has now risen by 7% to Rs 2,900 per sq.ft in the 2024 revision.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the current 2024 revision, the guideline value has increased by 7%.

Guideline values in Chitthalapakkam

In Chitthalapakkam, there are 107 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 5,000 per sq.ft, with a median value of Rs 2,900 per sq.ft. Venba Avenue's 2024 guideline value aligns with this median.

• Venba Nagar: Rs 2,900 per sq.ft (2024)
• Velan Nagar: Rs 2,900 per sq.ft (2024)
• Venus Colony: Rs 3,300 per sq.ft (2024)
• Vetri Kargil Nagar: Rs 3,300 per sq.ft (2024)
• Vetri Nagar: Rs 2,700 per sq.ft (2024)
• Vetrivel Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venba Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value amounts to Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, bringing the total fees to Rs 2,61,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Venba Avenue?

The Sub Registrar Office covering Venba Avenue is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Chitthalapakkam. It determines the minimum value at which properties can be registered, ensuring that the state receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark for the transaction price. Buyers should be aware that the stamp duty and registration fees are calculated based on this value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Venba Avenue?

The current guideline value of Venba Avenue is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,700 per sq.ft in 2023 to Rs 2,900 per sq.ft in 2024, marking a 7% increase. It was Rs 1,809 per sq.ft in 2017 and Rs 2,700 per sq.ft in 2012, showing significant fluctuations over the years.

What is the land classification of Venba Avenue?

Venba Avenue is classified as Industries Type - I, indicating its suitability for industrial purposes within the area.

What are the stamp duty and registration fees for properties in Venba Avenue?

The stamp duty for properties in Venba Avenue is 7%, and the registration fee is 2%. For a property valued at Rs 29,00,000, the total fees would amount to Rs 2,61,000.

Where is the Sub Registrar Office for Venba Avenue located?

The Selaiyur Sub Registrar Office, which covers Venba Avenue, is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.