Guideline Value for VENKATESWARA NAGAR 1ST CROSS STREET

Venkateswara Nagar 1st Cross Street guideline value

The current guideline value of Venkateswara Nagar 1st Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village under the Chennai South Joint I SRO and is classified as Commercial Class I Type - III.

How the guideline value of Venkateswara Nagar 1st Cross Street has changed

The guideline value for Venkateswara Nagar 1st Cross Street has seen several revisions over the years. In 2012, the guideline value was Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023 and finally to Rs 2,750 per sq.ft in 2024. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Between the revisions, notable changes include a 33% decrease from 2012 to 2017, followed by a 49% increase from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Venkateswara Nagar 1st Cross Street's 2024 figure above the median.

• Venkatraman Street: Rs 2,200 per sq.ft (2024)
• Venkatesan Street: Rs 2,200 per sq.ft (2024)
• V.G.P. Babu Nagar: Rs 2,750 per sq.ft (2024)
• Venkatachalam Street: Rs 2,200 per sq.ft (2024)
• V.G.P. Dr. Ramaiyah Nagar: Rs 2,750 per sq.ft (2024)
• V.G.P. Dr. Vimala Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkateswara Nagar 1st Cross Street?

Venkateswara Nagar 1st Cross Street falls under 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 details.

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

The guideline value is a crucial factor during the registration process of property transactions in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair price.

When buying or selling property, the guideline value helps in calculating 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.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar 1st Cross Street?

The current guideline value of Venkateswara Nagar 1st Cross Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Venkateswara Nagar 1st Cross Street?

Venkateswara Nagar 1st Cross Street is classified as Commercial Class I Type - III.

Where can I calculate stamp duty and registration fees?

You can calculate stamp duty and registration fees using the stamp duty and registration fee calculator.

Which office handles the registration for Venkateswara Nagar 1st Cross Street?

The registration for Venkateswara Nagar 1st Cross Street is handled by 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.