Guideline Value for VENKATESAPURAM NEW COLONY

Venkatesapuram New Colony guideline value

The current guideline value of Venkatesapuram New Colony is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Perambur village under the Purasaivakkam SRO and is classified as Residential Class IV Type - I.

How the guideline value of Venkatesapuram New Colony has changed

The guideline value for Venkatesapuram New Colony has undergone several revisions over the years. In 2002, the value was Rs 336 per sq.ft, which increased to Rs 369 per sq.ft in 2003. Following that, the value saw a significant increase to Rs 500 per sq.ft in 2007. By 2012, the value was Rs 2,000 per sq.ft, but it dropped to Rs 1,340 per sq.ft in 2017. The value then rose to Rs 2,000 per sq.ft in 2023 and is currently at Rs 2,200 per sq.ft as of the 2024 revision.

Between these revisions, the changes were notable. From 2002 to 2003, the increase was +10%. The value increased by +36% from 2003 to 2007. There was a substantial jump of +300% from 2007 to 2012. However, the value decreased by -33% from 2012 to 2017. The increase from 2017 to 2023 was +49%, and the latest revision from 2023 to 2024 reflects a +10% increase. Overall, from 2002 to 2024, the guideline value has risen by +555%.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. Venkatesapuram New Colony's 2024 figure of Rs 2,200 per sq.ft is below this median.

• Venkatesapuram New Colony 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Venkatesapuram New Colony 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Venkatesapuram New Colony 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Venkatesapuram New Colony Mainroad: Rs 2,200 per sq.ft (2024)
• Venkatesapuram 8th Street: Rs 2,200 per sq.ft (2024)
• Venkatesapuram 7th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesapuram New Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatesapuram New Colony?

The Sub Registrar Office that covers Venkatesapuram New Colony is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO online.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Perambur. It is used to determine the stamp duty and registration fees that must be paid at the time of registration.

When a property is sold, the guideline value is compared to the sale price, and the duty is charged on the higher of the two. This ensures that the government receives the appropriate amount of revenue based on the property's value as determined by the guideline value.

Frequently asked questions

What is the current guideline value of Venkatesapuram New Colony?

The current guideline value of Venkatesapuram New Colony is Rs 2,200 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 336 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of +555% over the years.

What is the land classification for Venkatesapuram New Colony?

Venkatesapuram New Colony is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for Venkatesapuram New Colony?

The Sub Registrar Office for Venkatesapuram New Colony is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Venkatesapuram New Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty at 7% would be Rs 1,54,000.