Guideline Value for VENKATARAMAN NAGAR "V.O.C.STREET"

Venkataraman Nagar "v.O.C.Street" guideline value

The current guideline value of Venkataraman Nagar "v.O.C.Street" is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Korattur village and falls under the Villivakkam SRO, with a land classification of Residential Special Type - III.

How the guideline value of Venkataraman Nagar "v.O.C.Street" has changed

The guideline value for Venkataraman Nagar "v.O.C.Street" has seen several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 185 per sq.ft. This increased significantly to Rs 600 per sq.ft in 2007, marking a substantial rise of 224%. In 2012, the value was Rs 3,000 per sq.ft, which represented a decrease of 33% from the previous revision. The value then rose to Rs 2,010 per sq.ft in 2017, a 49% increase from 2012. The guideline value further increased to Rs 3,000 per sq.ft in 2023, and finally, it reached Rs 3,300 per sq.ft in 2024, reflecting a 10% rise from the previous year. Notably, the register has no figure for this street in 2003.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value in this area is Rs 2,500 per sq.ft, placing Venkataraman Nagar "v.O.C.Street" above that median.

• Venkataraman Nagar "venugopal Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "thiru.VI.Ka.Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "sri Krishnasamy Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "south Railway Station Road": Rs 4,400 per sq.ft (2024)
• Venkataraman Nagar "rukmaniammal Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "ramalinga Achari Street": Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venkataraman Nagar "v.O.C.Street"

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to 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 the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venkataraman Nagar "v.O.C.Street"?

The Sub Registrar Office that covers Venkataraman Nagar "v.O.C.Street" is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Korattur, as it determines the minimum value at which properties can be registered. When buying or selling property, this value is used to calculate the applicable stamp duty and registration fees, ensuring that all transactions are conducted fairly and transparently.

During the registration process, the guideline value serves as a benchmark for the sale price. If the sale price is higher than the guideline value, the stamp duty is calculated based on the sale price instead. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Venkataraman Nagar "v.O.C.Street"?

The current guideline value of Venkataraman Nagar "v.O.C.Street" 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 185 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1684% over the years.

What is the land classification for Venkataraman Nagar "v.O.C.Street"?

The land classification for Venkataraman Nagar "v.O.C.Street" is Residential Special Type - III.

Where can I find other streets with similar guideline values in Korattur?

Other streets in Korattur under the Villivakkam SRO have guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft, with Venkataraman Nagar "v.O.C.Street" being above the median value of Rs 2,500 per sq.ft.

What are the fees associated with property transactions in Venkataraman Nagar "v.O.C.Street"?

The fees include a stamp duty of 7% and a registration fee of 2% on the guideline value or sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a total fee of Rs 2,97,000.