Guideline Value for VENKATESHWARA NAGAR PHASE-II

Venkateshwara Nagar Phase-II guideline value

The current guideline value of Venkateshwara Nagar Phase-II is Rs 250 per sq.ft, effective from 1 July 2024. This area is located in Kilakadi village under the Salavakkam SRO, classified as Mixed Type - III.

How the guideline value of Venkateshwara Nagar Phase-II has changed

The guideline value has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 250 per sq.ft. This remained unchanged until the 2017 revision, which saw a decrease to Rs 167 per sq.ft, marking a drop of 33%. The value then increased to Rs 250 per sq.ft in the 2023 revision, maintaining the same rate in the 2024 revision, resulting in a 50% increase from 2017 to 2023.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has remained at Rs 250 per sq.ft, indicating stability in the recent years.

Guideline values in Kilakadi

In Kilakadi, there are 21 streets under the Salavakkam SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 433 per sq.ft. The median value is Rs 150 per sq.ft, placing Venkateshwara Nagar Phase-II above this median.

• Vajiram Nagar: Rs 150 per sq.ft (2024)
• Sri Sai Thuvaraga Nagar: Rs 250 per sq.ft (2024)
• Sri Krishna Nagar Ph-I: Rs 336 per sq.ft (2024)
• Sri Krishna Nagar: Rs 250 per sq.ft (2024)
• Selva Seeman Nagaram: Rs 101 per sq.ft (2024)
• Rose Nagar: Rs 150 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateshwara Nagar Phase-II

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value amounts to Rs 2,50,000. The stamp duty at 7% would be Rs 17,500, and the registration fee at 2% would be Rs 5,000, bringing the total fees to Rs 22,500. Please 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 further calculations.

Which Sub Registrar Office covers Venkateshwara Nagar Phase-II?

The Venkateshwara Nagar Phase-II area is covered by the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical component in the registration process when buying or selling property in Kilakadi. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value helps ensure that the transaction is registered at a fair rate, preventing undervaluation. This process is essential for maintaining transparency and accountability in property transactions within the region.

Frequently asked questions

What is the current guideline value of Venkateshwara Nagar Phase-II?

The current guideline value of Venkateshwara Nagar Phase-II is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained stable at Rs 250 per sq.ft since 2012, with a decrease to Rs 167 per sq.ft in 2017, followed by a return to Rs 250 per sq.ft in 2023 and 2024.

What is the land classification of Venkateshwara Nagar Phase-II?

The land classification for Venkateshwara Nagar Phase-II is Mixed Type - III, indicating a diverse use of land in this area.

Where can I find the Salavakkam Sub Registrar Office?

The Salavakkam Sub Registrar Office is located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.

How is stamp duty calculated for properties in Venkateshwara Nagar Phase-II?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 2,50,000 would incur a stamp duty of Rs 17,500 at 7%.