Guideline Value for VENKATESA NAGAR MAIN ROAD

Venkatesa Nagar Main Road guideline value

The current guideline value of Venkatesa Nagar Main Road is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village, under the Virugambakkam SRO, and is classified as Residential Special Type - III.

How the guideline value of Venkatesa Nagar Main Road has changed

The guideline value for Venkatesa Nagar Main Road has seen several revisions over the years. The 2017 revision set the value at Rs 3,350 per sq.ft, which increased to Rs 5,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The latest revision in 2024 has further increased the guideline value to Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing the 2024 figure for Venkatesa Nagar Main Road above this median.

• Venkatasa Nagar Extension: Rs 4,950 per sq.ft (2024)
• Venkatasa Nagar 2nd Cross Street: Rs 4,950 per sq.ft (2024)
• Venkatasa Nagar 1st Cross Street: Rs 4,950 per sq.ft (2024)
• Venkatesa Street: Rs 4,950 per sq.ft (2024)
• Venkatesh Nagar 1st Cross Street: Rs 4,950 per sq.ft (2024)
• Venkatesh Nagar 1st Main Road: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesa Nagar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost for these fees to Rs 4,95,000. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatesa Nagar Main Road?

The Venkatesa Nagar Main Road is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Saligramam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Venkatesa Nagar Main Road?

The current guideline value of Venkatesa Nagar Main Road is Rs 5,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 3,350 per sq.ft to Rs 5,500 per sq.ft in 2024, which is an overall increase of 64%.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the higher of the guideline value or sale price, while the registration fee is charged at 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 4,95,000.

Which office handles property registrations in this area?

The Virugambakkam Sub Registrar Office handles property registrations for Venkatesa Nagar Main Road, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Venkatesa Nagar Main Road?

Venkatesa Nagar Main Road is classified as Residential Special Type - III, indicating its designated use for residential purposes.