Guideline Value for VENKATRAMAN NAGAR

Venkatraman Nagar guideline value

The current guideline value of Venkatraman Nagar is Rs 330 per sq.ft, effective from 1 July 2024. This area is located in Nanthiambakkam village, under the Thiruvottiyur SRO, and is classified as Residential Special Type - II.

How the guideline value of Venkatraman Nagar has changed

The guideline value for Venkatraman Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 27 per sq.ft. This increased to Rs 31 per sq.ft in 2003, followed by a rise to Rs 50 per sq.ft in 2007. The value then saw a significant jump to Rs 300 per sq.ft in 2012, but it decreased to Rs 201 per sq.ft in 2017. The value was revised to Rs 300 per sq.ft in 2023, and most recently, it has increased to Rs 330 per sq.ft in 2024.

Between the revisions, there have been notable changes. From 2002 to 2003, the increase was +15%. The jump from 2003 to 2007 was +61%, and the rise from 2007 to 2012 was +500%. The value decreased by -33% from 2012 to 2017, followed by a +49% increase from 2017 to 2023. Finally, the change from 2023 to 2024 is +10%. Overall, from 2002 to 2024, the guideline value has increased by +1122%.

Guideline values in Nanthiambakkam

In Nanthiambakkam, there are 85 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 275 to Rs 770 per sq.ft. The median value is Rs 330 per sq.ft, which is the same as the guideline value for Venkatraman Nagar.

• Vetri Nagar: Rs 440 per sq.ft (2024)
• Venkatesa Nagar: Rs 330 per sq.ft (2024)
• Vela Vinayagar Nagar: Rs 330 per sq.ft (2024)
• Veeravanji Road: Rs 330 per sq.ft (2024)
• Vinayagar Koil Street: Rs 385 per sq.ft (2024)
• Vasavi Nagar: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatraman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 330 per sq.ft, the total guideline value amounts to Rs 3,30,000. The stamp duty is calculated at 7%, which equals Rs 23,100, and the registration fee is at 2%, amounting to Rs 6,600. Therefore, the total cost for stamp duty and registration fees together is Rs 29,700. Please 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 Venkatraman Nagar?

The Sub Registrar Office that covers Venkatraman Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during property transactions in Nanthiambakkam. It is used to determine the stamp duty and registration fees that are applicable when buying or selling property. The guideline value is established by the government and is based on various factors, including location and land classification.

When registering a property, the buyer must pay the stamp duty on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the current market conditions as per the established guideline values.

Frequently asked questions

What is the current guideline value of Venkatraman Nagar?

The current guideline value of Venkatraman Nagar is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 27 per sq.ft in 2002 and reaching Rs 330 per sq.ft in 2024. The most significant increase occurred between 2007 and 2012, with a rise of 500%.

What is the land classification for Venkatraman Nagar?

Venkatraman Nagar is classified as Residential Special Type - II, indicating its intended use for residential purposes within the area.

What is the registration fee for property in Venkatraman Nagar?

The registration fee for property in Venkatraman Nagar is calculated at 2% of the guideline value. For example, on a property valued at Rs 3,30,000, the registration fee would be Rs 6,600.

Where is the Sub Registrar Office for Venkatraman Nagar located?

The Sub Registrar Office for Venkatraman Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.