Guideline Value for Venkatachalapathi Nagar

Venkatachalapathi Nagar guideline value

The current guideline value of Venkatachalapathi Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Maduravoyal village, under the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Venkatachalapathi Nagar has changed

The guideline value for Venkatachalapathi Nagar has seen several revisions over the years. In 2002, the value was Rs 294 per sq.ft, which increased to Rs 322 per sq.ft in 2003. Following this, the value rose significantly to Rs 700 per sq.ft in 2007, and then to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value then saw a substantial increase to Rs 2,500 per sq.ft in 2023, before reaching the current figure of Rs 2,750 per sq.ft in 2024.

From 2017 to 2023, the guideline value increased by 49%. The most notable change was from 2007 to 2012, where it increased by 257%. Overall, from 2002 to 2024, the guideline value has increased by 835%. There are no other revisions with figures available for this street.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value for these streets is Rs 3,050 per sq.ft, placing Venkatachalapathi Nagar's 2024 figure below this median.

• Vel Nagar 9th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 8th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 7th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 6th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 5th Cross Street: Rs 2,750 per sq.ft (2024)
• Vel Nagar 4th Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatachalapathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatachalapathi Nagar?

The Sub Registrar Office that covers Venkatachalapathi Nagar is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration of properties in Maduravoyal. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded accurately in accordance with government regulations.

When buying or selling a property, the guideline value helps determine the official value of the property for legal and taxation purposes. It is essential for both buyers and sellers to be aware of the current guideline value to understand the financial implications of their transaction.

Frequently asked questions

What is the current guideline value of Venkatachalapathi Nagar?

The current guideline value of Venkatachalapathi Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 294 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 835% over this period.

What is the stamp duty rate for properties in Venkatachalapathi Nagar?

The stamp duty rate for properties in Venkatachalapathi Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located for Venkatachalapathi Nagar?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the other streets in Maduravoyal with the same guideline value?

Other streets in Maduravoyal with a guideline value of Rs 2,750 per sq.ft include Vel Nagar 9th Cross Street, Vel Nagar 8th Cross Street, Vel Nagar 7th Cross Street, Vel Nagar 6th Cross Street, Vel Nagar 5th Cross Street, and Vel Nagar 4th Cross Street.