Guideline Value for Venkat Nagar (Ward-05)

Venkat Nagar (Ward-05) guideline value

The current guideline value of Venkat Nagar (Ward-05) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Venkat Nagar (Ward-05) has changed

The guideline value for Venkat Nagar has experienced several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 1,300 per sq.ft, an increase from Rs 1,200 per sq.ft in the 2023 revision. Notably, the 2023 to 2024 revision reflects an increase of 8%. Prior to that, the guideline value remained unchanged at Rs 1,200 per sq.ft from 2012 to 2023. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 8%. The 2024 figure of Rs 1,300 per sq.ft is below the median guideline value of Rs 1,600 per sq.ft for the 1,946 streets in Madhavaram under the Madhavaram SRO.

Guideline values in Madhavaram

The guideline values in Madhavaram range from Rs 1,300 to Rs 7,500 per sq.ft as of 2024, with a median of Rs 1,600 per sq.ft. Venkat Nagar (Ward-05) is positioned below this median.

• Venkat Nagar Roads (Ward No.5): Rs 1,600 per sq.ft (2024)
• Venkat Nagar: Rs 1,600 per sq.ft (2024)
• Venkateswara Nagar (Ward No.26): Rs 1,600 per sq.ft (2024)
• Venkateswara Nagar Main Road: Rs 1,600 per sq.ft (2024)
• Venue Nagar Cross St (Ward No.26): Rs 1,300 per sq.ft (2024)
• Venkateswara Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venkat Nagar (Ward-05)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value is Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. 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 information.

Which Sub Registrar Office covers Venkat Nagar (Ward-05)?

The Sub Registrar Office that covers Venkat Nagar (Ward-05) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions within the area.

Frequently asked questions

What is the current guideline value of Venkat Nagar (Ward-05)?

The current guideline value of Venkat Nagar (Ward-05) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, marking an increase of 8%. There were no changes recorded for the years 2002, 2003, 2007, and 2017.

What is the land classification of Venkat Nagar?

Venkat Nagar is classified as Residential Class III Type - I, which indicates its suitability for residential development.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is the stamp duty calculated for properties in Venkat Nagar?

Stamp duty for properties in Venkat Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 13,00,000 would incur a stamp duty of Rs 91,000 at a rate of 7%.