Guideline Value for VENKATESWARA NAGAR

Venkateswara Nagar guideline value

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

How the guideline value of Venkateswara Nagar has changed

The guideline value for Venkateswara Nagar has undergone several revisions over the years. Starting from Rs 87 per sq.ft in 2002, it increased to Rs 103 per sq.ft in 2003, marking an 18% rise. By 2007, the value surged to Rs 732 per sq.ft, reflecting a significant increase of 611%. The value remained at Rs 1,500 per sq.ft from 2012 until the 2023 revision, which saw no change. The latest revision in 2024 set the guideline value at Rs 1,650 per sq.ft, representing a 10% increase from the previous year.

From 2007 to 2012, the value held steady at Rs 1,500 per sq.ft. Overall, from 2002 to 2024, the guideline value has increased by 1797%, showcasing substantial growth in the area. It is important to note that there is no figure available for the year 2017 in the register for this street.

Guideline values in Pallikaranai

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

• Venkateswara Nagar Extn: Rs 1,650 per sq.ft (2024)
• Venkatnarayanapuram: Rs 1,320 per sq.ft (2024)
• Venkatraman Street Syndicate Bank Colony: Rs 2,750 per sq.ft (2024)
• Venkateshwaran 2nd Street: Rs 1,650 per sq.ft (2024)
• Venkatesa Street: Rs 1,320 per sq.ft (2024)
• Vetri Nagar: Rs 1,650 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 1,650 per sq.ft, the total 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, making the total cost for these fees Rs 1,48,500. It is important to note that the 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 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 critical factor in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the sale price or the guideline value, whichever is higher, is used to calculate the applicable fees. This ensures that the registration process is transparent and standardized across the region.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar?

The current guideline value of Venkateswara Nagar 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 87 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 1797% over the years.

What is the stamp duty for property in Venkateswara Nagar?

The stamp duty for property in Venkateswara Nagar is calculated at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Venkateswara Nagar located?

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

What is the median guideline value in Pallikaranai?

The median guideline value in Pallikaranai is Rs 1,650 per sq.ft, which is the same as the current guideline value for Venkateswara Nagar.