Guideline Value for VENKATESWARAN NAGAR

Venkateswaran Nagar guideline value

The current guideline value of Venkateswaran Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Class II Type - III.

How the guideline value of Venkateswaran Nagar has changed

The guideline value for Venkateswaran Nagar has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 144 per sq.ft. This increased significantly to Rs 1,200 per sq.ft in 2007, followed by a jump to Rs 2,000 per sq.ft in 2012. However, it decreased to Rs 1,340 per sq.ft in 2017. The 2023 revision marked a return to Rs 2,000 per sq.ft, which then rose to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 1428%. The register does not provide figures for the year 2002 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft as of 2024. The median value for these streets is Rs 3,300 per sq.ft, positioning Venkateswaran Nagar's 2024 figure below that median.

• Venkateswara Avenue: Rs 3,300 per sq.ft (2024)
• Vigneshwara Colony: Rs 3,300 per sq.ft (2024)
• Vembuli Amman Koil Street: Rs 4,400 per sq.ft (2024)
• Vinayaga Avenue: Rs 6,600 per sq.ft (2024)
• Vinayaga Avenue (Near P.T.C.Quarters): Rs 3,300 per sq.ft (2024)
• Vinayaga Nagar: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswaran Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total of Rs 1,98,000. 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.

Which Sub Registrar Office covers Venkateswaran Nagar?

The Sub Registrar Office covering Venkateswaran Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Okkiyamthuraipakkam. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration, ensuring that the transaction is officially recorded.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Venkateswaran Nagar?

The current guideline value of Venkateswaran Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 144 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 1428% over this period.

What is the land classification of Venkateswaran Nagar?

Venkateswaran Nagar is classified as Residential Class II Type - III.

What is the registration office for Venkateswaran Nagar?

The Neelankarai Sub Registrar Office covers Venkateswaran Nagar, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Venkateswaran Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.