Guideline Value for VENKATESWARA NAGAR

Venkateswara Nagar guideline value

The current guideline value of Venkateswara Nagar is Rs 400 per sq.ft, effective from 1 July 2024. This area is located in Maiyur village and falls under the Chengleput Joint II SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Venkateswara Nagar has changed

Over the years, the guideline value of Venkateswara Nagar has seen several revisions. The 2012 revision set the guideline value at Rs 400 per sq.ft, which remained unchanged until the 2023 revision, also at Rs 400 per sq.ft. The next revision in 2024 maintained this rate, resulting in a 0% change from 2023 to 2024. In contrast, the value increased significantly from Rs 268 per sq.ft in 2017 to Rs 400 per sq.ft in 2023, marking a 49% increase. However, from 2012 to 2017, there was a decrease of 33% in the guideline value.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, the guideline value from 2012 to 2024 has shown no change, remaining at Rs 400 per sq.ft.

Guideline values in Maiyur

In Maiyur, there are 28 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 200 to Rs 700 per sq.ft. The median value among these streets is Rs 400 per sq.ft, which is equal to the guideline value of Venkateswara Nagar.

• V.K.N.Garden: Rs 700 per sq.ft (2024)
• Trinty Avenue: Rs 500 per sq.ft (2024)
• Sri Vathsa Nagar Phasei: Rs 500 per sq.ft (2024)
• Sri Vathsa Nagar Phase2: Rs 500 per sq.ft (2024)
• Sri Ramanujar Nagar: Rs 500 per sq.ft (2024)
• Sri Hayagreevar Nagar: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, bringing the total fees together to Rs 36,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venkateswara Nagar?

The Sub Registrar Office that covers Venkateswara Nagar is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for additional information.

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

The guideline value plays a crucial role in property transactions in Maiyur. It is used as a basis for calculating stamp duty and registration fees when a property is bought or sold. The guideline value is set by the government and is meant to reflect the value of the property for tax purposes.

When you register a property, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar?

The current guideline value of Venkateswara Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has remained at Rs 400 per sq.ft, with significant changes occurring between other revisions, such as a 49% increase from 2017 to 2023.

What are the registration fees for properties in Venkateswara Nagar?

The registration fees for properties in Venkateswara Nagar include a stamp duty of 7% and a registration fee of 2%, calculated on the higher of the guideline value or the sale price.

Which office handles property registrations for Venkateswara Nagar?

The Chengleput Joint II Sub Registrar Office handles property registrations for Venkateswara Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it determines the stamp duty and registration fees during property transactions. It ensures that the duties are calculated based on the higher value between the guideline and sale price.