Guideline Value for VENKATESA NAGAR

Venkatesa Nagar guideline value

The current guideline value of Venkatesa Nagar is Rs 330 per sq.ft, effective from 1 July 2024. This area is located in Nanthiambakkam village, under the Thiruvottiyur SRO, and is classified as Residential Special Type - II.

How the guideline value of Venkatesa Nagar has changed

The guideline value for Venkatesa Nagar has seen several revisions over the years. The earliest recorded revision was in 2007, with a value of Rs 50 per sq.ft, which increased significantly to Rs 300 per sq.ft in 2012, marking a 500% rise. However, this value dropped to Rs 201 per sq.ft in 2017, a decrease of 33%. The value then rose to Rs 300 per sq.ft in 2023, and further increased to Rs 330 per sq.ft in 2024, reflecting a 10% increase from the previous year.

From 2017 to 2023, the value rose by 49%. Overall, from 2007 to 2024, the guideline value has increased by 560%. Notably, there are no figures available for the years 2002 and 2003 for this street in the register.

Guideline values in Nanthiambakkam

In Nanthiambakkam, there are 85 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 275 to Rs 770 per sq.ft. The median value is Rs 330 per sq.ft, which is equal to the current guideline value of Venkatesa Nagar.

• Venkatraman Nagar: Rs 330 per sq.ft (2024)
• Vela Vinayagar Nagar: Rs 330 per sq.ft (2024)
• Vetri Nagar: Rs 440 per sq.ft (2024)
• Veeravanji Road: Rs 330 per sq.ft (2024)
• Vasavi Nagar: Rs 330 per sq.ft (2024)
• Vinayagar Koil Street: Rs 385 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesa Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 330 per sq.ft, the total guideline value amounts to Rs 3,30,000. The stamp duty at 7% would be Rs 23,100, and the registration fee at 2% would be Rs 6,600, bringing the total cost for these fees to Rs 29,700. It is important 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?

The Sub Registrar Office that covers Venkatesa Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration of property transactions in Nanthiambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on the property's worth.

When buying or selling property, the guideline value helps both parties understand the fair value of the property. It is essential for buyers to be aware of the guideline value to avoid overpaying and for sellers to set a competitive price that reflects the current market conditions.

Frequently asked questions

What is the current guideline value of Venkatesa Nagar?

The current guideline value of Venkatesa Nagar is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 50 per sq.ft in 2007 to Rs 330 per sq.ft in 2024, representing an overall increase of 560% over the years.

What is the median guideline value in Nanthiambakkam?

The median guideline value in Nanthiambakkam is Rs 330 per sq.ft, which is the same as the current guideline value for Venkatesa Nagar.

What are the stamp duty and registration fees for property in Venkatesa Nagar?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft property at Rs 330 per sq.ft, the total fees amount to Rs 29,700.

Which office should I visit for property registration in Venkatesa Nagar?

You should visit the Thiruvottiyur Sub Registrar Office at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019 for property registration in Venkatesa Nagar.