Guideline Value for VENKATESWARA NAGAR (VAL)

Venkateswara Nagar (Val) guideline value

The current guideline value of Venkateswara Nagar (Val) is Rs 880 per sq.ft, effective from 1 July 2024. This area is located in Potheri village and falls under the Chengleput Joint II SRO. The land classification for this locality is Residential Class I Type - II.

How the guideline value of Venkateswara Nagar (Val) has changed

The guideline value for Venkateswara Nagar (Val) has undergone several revisions over the years. The 2012 revision recorded a guideline value of Rs 800 per sq.ft, which was then reduced to Rs 536 per sq.ft in the 2017 revision. Following this, the 2023 revision saw an increase to Rs 800 per sq.ft, and most recently, the 2024 revision set the current value at Rs 880 per sq.ft, marking a 10% increase from the previous year.

From 2012 to 2024, the overall change in guideline value is an increase of 10%. The increase from the 2017 to 2023 revision was significant at 49%, while the decrease from 2012 to 2017 was 33%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Potheri

Potheri village has a total of 129 streets under the Chengleput Joint II SRO with a 2024 guideline value ranging from Rs 440 to Rs 2,970 per sq.ft. The median guideline value in this area is Rs 770 per sq.ft, placing Venkateswara Nagar (Val) above this median with its current value of Rs 880 per sq.ft.

• Vembuliamman Koil Street (Ward -1): Rs 770 per sq.ft (2024)
• Vgp Mount Mary Town (Ward -1): Rs 1,100 per sq.ft (2024)
• Velan Nagar (Ward -1): Rs 660 per sq.ft (2024)
• Veerapthra Nagar (Ward-21): Rs 770 per sq.ft (2024)
• Vedhathiri Nagar (Val): Rs 880 per sq.ft (2024)
• Vijayalakshmi Nagar Vallancheri (Ward -1): Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Nagar (Val)

For a 1,000 sq.ft plot at the current rate of Rs 880 per sq.ft, the guideline value would be Rs 8,80,000. The stamp duty at 7% would amount to Rs 61,600, and the registration fee at 2% would be Rs 17,600, totaling Rs 79,200. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Venkateswara Nagar (Val)?

The Chengleput Joint II Sub Registrar Office covers Venkateswara Nagar (Val). The office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Potheri. It determines the minimum value at which the property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher, thus impacting the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar (Val)?

The current guideline value of Venkateswara Nagar (Val) is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions: it was Rs 800 per sq.ft in 2012, reduced to Rs 536 per sq.ft in 2017, increased to Rs 800 per sq.ft in 2023, and is now Rs 880 per sq.ft in 2024.

What is the land classification for Venkateswara Nagar (Val)?

The land classification for Venkateswara Nagar (Val) is Residential Class I Type - II.

Where can I find the Chengleput Joint II Sub Registrar Office?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002, Chengalpattu registration zone.

How is stamp duty calculated for property transactions in Potheri?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 8,80,000 would incur a stamp duty of Rs 61,600 at a rate of 7%.