Guideline Value for VENKATESWARA NAGAR PHASE- I

Venkateswara Nagar Phase- I guideline value

The current guideline value for Venkateswara Nagar Phase- I is Rs 200 per sq.ft, effective from 1 July 2024. This area is located in Salavakkam village, under the Salavakkam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Venkateswara Nagar Phase- I has changed

Since the 2012 revision, the guideline value for Venkateswara Nagar Phase- I has seen fluctuations. The value was Rs 200 per sq.ft in 2012, then decreased to Rs 134 per sq.ft in 2017. However, it increased back to Rs 200 per sq.ft in the 2023 revision, remaining unchanged in the 2024 revision as well.

There are no figures available for the revisions in 2002, 2003, and 2007. From 2017 to 2023, there was a significant increase of 49%, while the overall change from 2012 to 2024 shows no variation, maintaining a consistent value of Rs 200 per sq.ft.

Guideline values in Salavakkam

In Salavakkam, there are 38 streets under the Salavakkam SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 250 per sq.ft, with a median value of Rs 150 per sq.ft. Venkateswara Nagar Phase- I's 2024 figure of Rs 200 per sq.ft is above this median.

• Veerapathiraswamy Koil Street: Rs 200 per sq.ft (2024)
• Yadavar Street: Rs 175 per sq.ft (2024)
• Thottakara Street: Rs 175 per sq.ft (2024)
• Sri Venkateshwara Nagar: Rs 200 per sq.ft (2024)
• Sindhu Nagar Phase-I: Rs 100 per sq.ft (2024)
• Sindhu Nagar: Rs 200 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Nagar Phase- I

For a 1,000 sq.ft plot at the current guideline value of Rs 200 per sq.ft, the total guideline value amounts to Rs 2,00,000. The stamp duty at 7% would be Rs 14,000, and the registration fee at 2% would be Rs 4,000, bringing the total cost for these fees to Rs 18,000. 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 further calculations.

Which Sub Registrar Office covers Venkateswara Nagar Phase- I?

The Sub Registrar Office that covers Venkateswara Nagar Phase- I is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.

To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during property transactions in Salavakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the registration process adheres to legal and financial standards.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential costs involved in the transaction. Buyers should be aware that these fees are based on the higher value between the guideline and the sale price.

Frequently asked questions

What is the current guideline value for Venkateswara Nagar Phase- I?

The current guideline value for Venkateswara Nagar Phase- I is Rs 200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has varied over the years, with significant changes from Rs 200 in 2012 to Rs 134 in 2017, then back to Rs 200 in 2023 and 2024. Overall, the value from 2012 to 2024 shows no change.

What is the land classification for Venkateswara Nagar Phase- I?

Venkateswara Nagar Phase- I is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot at Rs 200 per sq.ft incurs a total fee of Rs 18,000.

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

The Sub Registrar Office for Venkateswara Nagar Phase- I is located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.