Guideline Value for VENKATA REDDI PALAYAM

Venkata Reddi Palayam guideline value

The current guideline value of Venkata Reddi Palayam is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Minjur village under the Ponneri SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Venkata Reddi Palayam has changed

The guideline value for Venkata Reddi Palayam has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 550 per sq.ft, an increase of 10% from Rs 500 per sq.ft in the 2023 revision. Prior to that, in 2017, the value was Rs 335 per sq.ft, marking a significant increase of 49% to the 2023 figure. Overall, from 2017 to 2024, the guideline value has increased by 64%.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The 2017, 2023, and 2024 revisions reflect the only available data for Venkata Reddi Palayam.

Guideline values in Minjur

In Minjur, there are 179 streets under the Ponneri SRO that have a 2024 guideline value ranging from Rs 440 to Rs 1,320 per sq.ft. The median value is Rs 550 per sq.ft, which is equal to the current guideline value of Venkata Reddi Palayam.

• Venkadeswara Nagar: Rs 440 per sq.ft (2024)
• Venkadeswara Avenue: Rs 440 per sq.ft (2024)
• Vellalar Street: Rs 1,320 per sq.ft (2024)
• Vedammal Nagar: Rs 550 per sq.ft (2024)
• Vedachalam Nagar: Rs 1,320 per sq.ft (2024)
• Vasantham Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Venkata Reddi Palayam

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, bringing the total cost for these fees to Rs 49,500. 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 more details.

Which Sub Registrar Office covers Venkata Reddi Palayam?

The Venkata Reddi Palayam area is covered by the Ponneri Sub Registrar Office, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204. You can find your SRO for additional information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Minjur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid to the government during 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 fees. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Venkata Reddi Palayam?

The current guideline value of Venkata Reddi Palayam 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 335 per sq.ft in 2017 to Rs 500 per sq.ft in 2023, and now to Rs 550 per sq.ft in 2024. This represents an overall increase of 64% from 2017 to 2024.

What are the other streets in Minjur with their guideline values?

Other streets in Minjur include Venkadeswara Nagar and Venkadeswara Avenue at Rs 440 per sq.ft, Vedammal Nagar and Vasantham Nagar at Rs 550 per sq.ft, and Vellalar Street and Vedachalam Nagar at Rs 1,320 per sq.ft.

What fees are associated with buying property in Venkata Reddi Palayam?

When buying property in Venkata Reddi Palayam, the stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, along with a registration fee of 2% of the guideline value.

Where can I find the Sub Registrar Office for Venkata Reddi Palayam?

The Ponneri Sub Registrar Office covers Venkata Reddi Palayam, located at 9/5, Taluk Office Road, Ponneri, Chennai-601204.