Guideline Value for VENKATESWARA NAGAR

Venkateswara Nagar guideline value

The current guideline value of Venkateswara Nagar, located in Mylapur village under the Oothukkottai SRO, is Rs 100 per sq.ft. This value is effective from the 2024 revision, which will be implemented on 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Venkateswara Nagar has changed

Looking at the historical revisions, the guideline value for Venkateswara Nagar has seen several changes. The 2012 revision set the value at Rs 100 per sq.ft, which remained unchanged until the 2023 revision, also at Rs 100 per sq.ft. The 2017 revision marked a significant increase to Rs 67 per sq.ft, reflecting a change of -33% from the 2012 figure. Overall, from 2012 to 2024, the guideline value has remained stable at Rs 100 per sq.ft.

For the years 2002, 2003, and 2007, the register has no figure for this street. Between the 2017 and 2023 revisions, there was a notable increase of 49%, but the current value remains the same as in the previous two revisions.

Guideline values in Mylapur

In Mylapur, there are 10 streets under the Oothukkottai SRO that carry a 2024 guideline value, all set at Rs 100 per sq.ft. The median value for these streets is also Rs 100 per sq.ft, placing Venkateswara Nagar at the same level as this median.

• V.G.P.Thirunagar-Part-I: Rs 100 per sq.ft (2024)
• Vgp Thirunagar Part-IV: Rs 100 per sq.ft (2024)
• Sri Vaari Nagar: Rs 100 per sq.ft (2024)
• Sri Padmavathi Nagar: Rs 100 per sq.ft (2024)
• Jothi Nagar: Rs 100 per sq.ft (2024)
• Balaji Nagar: Rs 100 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 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, bringing the total fees to Rs 9,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details on fees associated with property transactions.

Which Sub Registrar Office covers Venkateswara Nagar?

The Sub Registrar Office that covers Venkateswara Nagar is the Oothukkottai Sub Registrar Office, located near the government hospital in Uthukottai, Chennai 602026. For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Mylapur. It serves as a benchmark for determining the minimum value at which property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar?

The current guideline value of Venkateswara Nagar is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen various revisions. From 2012 to 2017, it decreased to Rs 67 per sq.ft, but by 2023, it returned to Rs 100 per sq.ft, which remains unchanged in the 2024 revision.

What is the land classification for Venkateswara Nagar?

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

Where is the Sub Registrar Office for Venkateswara Nagar located?

The Oothukkottai Sub Registrar Office is located near the government hospital in Uthukottai, Chennai 602026.

How is stamp duty calculated for properties in Venkateswara Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 1,00,000 would incur a stamp duty of Rs 7,000 at 7%.