Guideline Value for VENKATESWARA NAGAR

Venkateswara Nagar guideline value

The current guideline value of Venkateswara Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Korattur village under the Villivakkam SRO. The land classification for this street is Residential Class I Type - III.

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 71 per sq.ft in 2002, it increased significantly to Rs 600 per sq.ft in 2007, marking a rise of 745%. The value then saw a substantial jump to Rs 2,500 per sq.ft in 2012, which was an increase of 317%. However, in the 2017 revision, the value decreased to Rs 1,675 per sq.ft, reflecting a drop of 33%. The latest revision in 2024 has set the guideline value at Rs 2,700 per sq.ft, which is an increase of 61% from 2017.

For the years 2003 and 2023, the register has no figure for this street. Overall, from 2002 to 2024, the guideline value has increased by 3703%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Venkateswara Nagar's current value above this median.

• Venkatesa Thiyagaraja Nagar: Rs 2,900 per sq.ft (2024)
• Vetri Nagar: Rs 2,900 per sq.ft (2024)
• Venkataraman Nagar "v.O.C.Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "venugopal Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "thiru.VI.Ka.Street": Rs 3,300 per sq.ft (2024)
• Venkataraman Nagar "sri Krishnasamy Street": Rs 3,300 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 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Venkateswara Nagar?

The Sub Registrar Office that covers Venkateswara Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a crucial factor when buying or selling property in Korattur. It serves as a benchmark for determining the registration fees and stamp duty applicable during the transaction. Buyers and sellers should be aware that the guideline value is used to calculate these charges, ensuring that all transactions are documented accurately.

When registering a property, the guideline value helps in establishing a fair price for the transaction, which is essential for both parties involved. It is important to consult the latest guideline values to ensure compliance with local regulations and to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar?

The current guideline value of Venkateswara Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 71 per sq.ft in 2002 and reaching Rs 2,700 per sq.ft in 2024. The highest increase was from 2002 to 2007, with a rise of 745%.

What is the land classification for Venkateswara Nagar?

Venkateswara Nagar is classified as Residential Class I Type - III. This classification indicates the type of development and usage permitted in the area.

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

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For example, for a property valued at Rs 27,00,000, the total fees would be Rs 2,43,000.

Which Sub Registrar Office covers Venkateswara Nagar?

The Villivakkam Sub Registrar Office covers Venkateswara Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.