Guideline Value for VENKATESWARA NAGAR

Venkateswara Nagar guideline value

The current guideline value of Venkateswara Nagar is Rs 804 per sq.ft, effective from 1 July 2024. This area is located in Mitnamalle village and falls under the Avadi SRO. The land classification for this street is Residential Class II Type - II.

How the guideline value of Venkateswara Nagar has changed

The guideline value for Venkateswara Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 400 per sq.ft, which then changed to Rs 268 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 400 per sq.ft. The most recent revision in 2024 has raised the value significantly to Rs 804 per sq.ft. The register has no figures for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. The most notable change occurred between 2023 and 2024, where the guideline value jumped by 101%. Overall, from 2012 to 2024, the value has increased by 101%.

Guideline values in Mitnamalle

In Mitnamalle, there are 53 streets under the Avadi SRO that carry a 2024 guideline value ranging from Rs 800 to Rs 2,550 per sq.ft. The median value for these streets is Rs 802 per sq.ft, placing Venkateswara Nagar's 2024 figure above that median.

• Venugopal St: Rs 802 per sq.ft (2024)
• Valluvar St: Rs 806 per sq.ft (2024)
• Udhaya Sooriyan Nagar: Rs 806 per sq.ft (2024)
• Thiruvallur St: Rs 804 per sq.ft (2024)
• Thirowbathy Amman Koil St: Rs 806 per sq.ft (2024)
• The Panjamabal Nagar: Rs 802 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 804 per sq.ft, the total guideline value would be Rs 8,04,000. The stamp duty at 7% would amount to Rs 56,280, and the registration fee at 2% would be Rs 16,080, bringing the total fees to Rs 72,360. Duty is charged on the higher of the guideline value and the sale price. You can 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 Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is essential during property transactions in Mitnamalle, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations when finalizing property sales.

When registering a property, the guideline value serves as a basis for calculating stamp duty and registration fees. It is crucial for both parties to be aware of the current guideline value to avoid any discrepancies during the transaction process.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar?

The current guideline value of Venkateswara Nagar is Rs 804 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2012 to Rs 268 per sq.ft in 2017, then to Rs 400 per sq.ft in 2023, and finally to Rs 804 per sq.ft in 2024.

What is the land classification for Venkateswara Nagar?

The land classification for Venkateswara Nagar is Residential Class II Type - II.

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

The Sub Registrar Office for Venkateswara Nagar is the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.

How is stamp duty calculated for properties in Venkateswara Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty would be Rs 56,280.