Guideline Value for VENKATESWARA NAGAR

Venkateswara Nagar guideline value

The current guideline value of Venkateswara Nagar is Rs 770 per sq.ft, effective from 1 July 2024. This area is located in Sithamanoor village and falls under the Chengleput Joint II SRO. The land classification for this locality is Residential Class I Type - I.

How the guideline value of Venkateswara Nagar has changed

The guideline value for Venkateswara Nagar has seen several revisions over the years. The earliest recorded revision is from 2012, which set the guideline value at Rs 700 per sq.ft. This value remained unchanged until the next revision in 2017, which saw a decrease to Rs 469 per sq.ft. However, this was followed by a significant increase in 2023, where the guideline value rose to Rs 700 per sq.ft, and then further increased to Rs 770 per sq.ft in the 2024 revision.

From 2012 to 2017, the guideline value decreased by 33%. In contrast, there was a substantial increase of 49% from 2017 to 2023. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Sithamanoor

Currently, there are no specific guideline values provided for other streets in Sithamanoor. Venkateswara Nagar is the only street mentioned under the Chengleput Joint II SRO.

Stamp duty and registration fee for property in Venkateswara Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty, charged at 7%, would amount to Rs 53,900, while the registration fee at 2% would be Rs 15,400. The total cost for stamp duty and registration would be Rs 69,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details on calculating fees, you can use the stamp duty and registration fee calculator.

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 more information.

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

The guideline value is a crucial factor in property transactions in Sithamanoor, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory charges during the registration process.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. The guideline value serves as a benchmark for the registration process, ensuring that properties are registered at a fair value as determined by the local authorities.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar?

The current guideline value of Venkateswara Nagar is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revision in 2024 increasing it to Rs 770 per sq.ft from Rs 700 per sq.ft in 2023. There was also a significant increase from Rs 469 per sq.ft in 2017 to Rs 700 per sq.ft in 2023.

What are the stamp duty and registration fees for property in Venkateswara Nagar?

The stamp duty for a property in Venkateswara Nagar is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot at the current rate, the total stamp duty and registration fees would amount to Rs 69,300.

Which office handles the registration for Venkateswara Nagar?

The Chengleput Joint II Sub Registrar Office handles the registration for Venkateswara Nagar. It is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

How is the guideline value determined for property transactions?

The guideline value is determined by local authorities and is used as a benchmark for property transactions. It helps in calculating the stamp duty and registration fees, ensuring that properties are registered at a fair value.