Guideline Value for VENUGOPAL NAGAR 3RD STREET

Venugopal Nagar 3rd Street guideline value

The current guideline value of Venugopal Nagar 3rd Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Iyyappanthangal village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Venugopal Nagar 3rd Street has changed

The guideline value for Venugopal Nagar 3rd Street has seen several revisions over the years. The earliest recorded figure is Rs 300 per sq.ft from the 2007 revision. This increased significantly to Rs 1,500 per sq.ft in 2012, marking a 400% rise. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft, a drop of 33%. The value then saw a substantial increase to Rs 1,500 per sq.ft in 2023, followed by a further rise to Rs 1,650 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 450%. The revisions for the years 2002 and 2003 do not have any figures recorded for this street.

Guideline values in Iyyappanthangal

In Iyyappanthangal, there are 134 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 5,610 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which means that the guideline value for Venugopal Nagar 3rd Street is below this median.

• Venugopal Nagar Ist Street: Rs 1,650 per sq.ft (2024)
• Venugopal Nagar 2nd Street: Rs 1,650 per sq.ft (2024)
• Venugopal Nagar: Rs 1,650 per sq.ft (2024)
• Venugopalapuram: Rs 2,750 per sq.ft (2024)
• V.G.N. Nagar: Rs 3,300 per sq.ft (2024)
• V.G.N. Nagar 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venugopal Nagar 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total fees together to 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.

For more information on fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venugopal Nagar 3rd Street?

The Sub Registrar Office that covers Venugopal Nagar 3rd Street 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 details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Iyyappanthangal. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that all transactions are recorded at a fair value.

When a property is sold, the buyer and seller must refer to the guideline value to ensure compliance with local regulations. This value serves as a benchmark for the transaction and is essential for legal documentation during the registration process.

Frequently asked questions

What is the current guideline value of Venugopal Nagar 3rd Street?

The current guideline value of Venugopal Nagar 3rd Street 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 changed from Rs 300 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 450% over the years.

What is the land classification for Venugopal Nagar 3rd Street?

Venugopal Nagar 3rd Street is classified as Residential Class IV Type - I, indicating its suitability for residential development.

What are the stamp duty rates for property transactions?

The stamp duty rate for property transactions in this area is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Venugopal Nagar 3rd Street?

The Sub Registrar Office for Venugopal Nagar 3rd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.