Guideline Value for Venkat Nagar

Venkat Nagar guideline value

The current guideline value of Venkat Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Kolathur village and falls under the Sembiam SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Venkat Nagar has changed

The guideline value for Venkat Nagar has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 192 per sq.ft. This figure increased significantly to Rs 700 per sq.ft in 2007, marking a change of +265%. In 2012, the value rose to Rs 2,500 per sq.ft, which was a remarkable increase of +257%. However, in 2017, the value decreased to Rs 1,675 per sq.ft, reflecting a decline of -33%. The 2023 revision set the value at Rs 2,500 per sq.ft, and the latest 2024 revision has increased it to Rs 2,700 per sq.ft, showing an increase of +8%.

There is no figure available for the 2002 revision for this street. Overall, from 2003 to 2024, the guideline value has increased by +1306%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Venkat Nagar's 2024 figure below this median.

• Venkateswara Nagar 9th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Nagar 8th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Nagar 4th Street: Rs 3,300 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 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, while the registration fee at 2% would be Rs 54,000. Together, these fees would total Rs 2,43,000. 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 precise calculations.

Which Sub Registrar Office covers Venkat Nagar?

The Sub Registrar Office covering Venkat Nagar is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. For more information, you can find your SRO.

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

The guideline value plays a crucial role when buying or selling property in Kolathur. It is used to determine the stamp duty and registration fees applicable during the registration process. Buyers should be aware that the guideline value may differ from the actual sale price, and the duty is charged based on the higher of the two.

When registering a property, it is essential to provide the correct guideline value to ensure compliance with local regulations. This value is determined by the government and is subject to periodic revisions, reflecting changes in the real estate market.

Frequently asked questions

What is the current guideline value of Venkat Nagar?

The current guideline value of Venkat Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 192 per sq.ft in 2003 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of +1306% over the years.

What are the other streets in Kolathur with their guideline values?

Other streets in Kolathur include Venkateswara Nagar 9th Street, 8th Street, 7th Street, 6th Street, 5th Street, and 4th Street, all with a guideline value of Rs 3,300 per sq.ft as of 2024.

What fees are associated with buying property in Venkat Nagar?

When buying property in Venkat Nagar, the stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 2,43,000.

Where is the Sub Registrar Office for Venkat Nagar located?

The Sub Registrar Office for Venkat Nagar is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.