Guideline Value for VENKATESWAR AVENUE

Venkateswar Avenue guideline value

The current guideline value of Venkateswar Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Kolathuvancheri village, under the Chennai South Joint I SRO, and is classified as Residential Class III Type - I.

How the guideline value of Venkateswar Avenue has changed

The guideline value for Venkateswar Avenue has seen several revisions over the years. In 2007, the value was Rs 500 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in 2012, marking a 200% rise. However, in 2017, the value dropped to Rs 1,005 per sq.ft, a decrease of 33%. The value then increased to Rs 1,500 per sq.ft in 2023, and further rose to Rs 1,650 per sq.ft in 2024, reflecting a 10% increase.

There are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 230%.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO that have a 2024 guideline value, ranging from Rs 660 to Rs 4,600 per sq.ft. The median value is Rs 1,650 per sq.ft, which aligns with the current guideline value of Venkateswar Avenue.

• V.G.N. Manai Pirivu: Rs 1,650 per sq.ft (2024)
• Vijayalakshmi Avenue 1st Street: Rs 2,200 per sq.ft (2024)
• Vijayalakshmi Avenue 2nd Street: Rs 2,200 per sq.ft (2024)
• Vijayalakshmi Avenue / Nagar: Rs 2,200 per sq.ft (2024)
• Visuvasa Nagar: Rs 990 per sq.ft (2024)
• V.O.C Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswar Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. 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 Venkateswar Avenue?

The Sub Registrar Office that covers Venkateswar Avenue is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035, Chennai registration zone.

You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Kolathuvancheri, as it determines the minimum value at which a property can be registered. This value is used to calculate stamp duty and registration fees, which are mandatory costs associated with property transactions.

When a property is sold, the transaction must be registered at the local Sub Registrar Office, and the guideline value ensures that the government receives the appropriate taxes based on the property's value. Buyers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Venkateswar Avenue?

The current guideline value of Venkateswar Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 230% over the years.

What is the land classification of Venkateswar Avenue?

Venkateswar Avenue is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for Venkateswar Avenue?

The Sub Registrar Office for Venkateswar Avenue is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035, Chennai registration zone.

How is the stamp duty calculated for properties in Venkateswar Avenue?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For a property valued at Rs 16,50,000, the stamp duty would amount to Rs 1,15,500.