Guideline Value for Venkat Nagar

Venkat Nagar guideline value

The current guideline value of Venkat Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Venkat Nagar has changed

In the 2012 revision, the guideline value for Venkat Nagar was Rs 1,500 per sq.ft. This figure remained unchanged until the 2023 revision, which also recorded Rs 1,500 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has risen by 7%. The register has no figures for the revisions in 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which aligns with the current guideline value of Venkat Nagar.

• Venkat Nagar Roads ( Ward No.5 ): Rs 1,600 per sq.ft (2024)
• Venkat Nagar (Ward-05): Rs 1,300 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)
• Venkateswara Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• Venue Nagar Cross St ( Ward No.26 ): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venkat Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000. Together, the total cost for these fees would be Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venkat Nagar?

The Sub Registrar Office that covers Venkat Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Madhavaram. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value serves as a benchmark for both buyers and sellers. It is essential to be aware of the current guideline value, as it directly impacts the overall cost of the transaction, including the fees associated with registration.

Frequently asked questions

What is the current guideline value of Venkat Nagar?

The current guideline value of Venkat Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Venkat Nagar has increased from Rs 1,500 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, reflecting a total increase of 7% over this period.

What is the land classification for Venkat Nagar?

Venkat Nagar is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot at the current rate incurs a total fee of Rs 1,44,000.

Where is the Sub Registrar Office for Venkat Nagar located?

The Madhavaram Sub Registrar Office, which covers Venkat Nagar, is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.