Guideline Value for VENKATESWARA NAGAR EXTN

Venkateswara Nagar Extn guideline value

The current guideline value for Venkateswara Nagar Extn is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Venkateswara Nagar Extn has changed

The guideline value of Venkateswara Nagar Extn has seen several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 732 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in both the 2012 and 2023 revisions. The most recent revision in 2024 has raised the guideline value to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

Notably, there are no recorded figures for the years 2002, 2003, and 2017 for this street. The overall increase from the 2007 revision to the current 2024 revision is 125%, reflecting substantial growth in the guideline value over the years.

Guideline values in Pallikaranai

Pallikaranai features 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current figure for Venkateswara Nagar Extn.

• Venkatnarayanapuram: Rs 1,320 per sq.ft (2024)
• Venkatraman Street Syndicate Bank Colony: Rs 2,750 per sq.ft (2024)
• Venkateswara Nagar: Rs 1,650 per sq.ft (2024)
• Vetri Nagar: Rs 1,650 per sq.ft (2024)
• Venkateshwaran 2nd Street: Rs 1,650 per sq.ft (2024)
• Venkatesa Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Nagar Extn

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the 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.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Venkateswara Nagar Extn?

The Sub Registrar Office that covers Venkateswara Nagar Extn 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. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the sale process.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations associated with the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar Extn?

The current guideline value of Venkateswara Nagar Extn 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 increased from Rs 732 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 125% over these years.

What are the other streets in Pallikaranai with guideline values?

Other streets in Pallikaranai include Venkatnarayanapuram at Rs 1,320 per sq.ft, Venkatraman Street Syndicate Bank Colony at Rs 2,750 per sq.ft, and several others, with the median value being Rs 1,650 per sq.ft.

What fees are associated with buying property in Venkateswara Nagar Extn?

When buying property in Venkateswara Nagar Extn, buyers must pay a stamp duty of 7% and a registration fee of 2% on the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Venkateswara Nagar Extn?

The Sub Registrar Office for Venkateswara Nagar Extn is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.