Guideline Value for Venkatasubramaniya Nagar Annexe 2nd Street

Venkatasubramaniya Nagar Annexe 2nd Street guideline value

The current guideline value of Venkatasubramaniya Nagar Annexe 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - I.

How the guideline value of Venkatasubramaniya Nagar Annexe 2nd Street has changed

The guideline value for Venkatasubramaniya Nagar Annexe 2nd Street has undergone several revisions over the years. The earliest recorded value was Rs 500 per sq.ft in 2007, which increased significantly to Rs 3,500 per sq.ft in 2012. However, this figure dropped to Rs 2,345 per sq.ft in 2017, marking a decrease of 33%. The most recent revision in 2024 shows a substantial increase to Rs 3,850 per sq.ft, reflecting a 64% rise from the 2017 figure.

Overall, from 2007 to 2024, the guideline value has increased by 670%. It is important to note that there are no recorded figures for the years 2023, 2003, and 2002 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are a total of 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, which is equal to the current guideline value of Venkatasubramaniya Nagar Annexe 2nd Street.

• Venkatasubramaniya Nagar Annexe 1st Street: Rs 3,850 per sq.ft (2024)
• Venkatasubramaniya Nagar Annexe 3rd Street: Rs 3,850 per sq.ft (2024)
• Venkatasubramaniya Nagar 9th Street & Cross Street: Rs 3,850 per sq.ft (2024)
• Venkatasubramaniya Nagar Annexe 4th Street: Rs 3,850 per sq.ft (2024)
• Venkatasubramaniya Nagar 8th Street & Cross Street: Rs 3,850 per sq.ft (2024)
• Venkatasubramaniya Nagar Annexe 5th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatasubramaniya Nagar Annexe 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. 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 calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatasubramaniya Nagar Annexe 2nd Street?

The Venkatasubramaniya Nagar Annexe 2nd Street falls under the jurisdiction of 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 Valasaravakkam

The guideline value plays a crucial role when buying or selling property in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, ensuring that these costs are aligned with the official valuation.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable fees. This ensures that the registration process reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Venkatasubramaniya Nagar Annexe 2nd Street?

The current guideline value of Venkatasubramaniya Nagar Annexe 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 500 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 670% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles property registrations in Venkatasubramaniya Nagar Annexe 2nd Street?

The property registrations for Venkatasubramaniya Nagar Annexe 2nd Street are handled by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification of Venkatasubramaniya Nagar Annexe 2nd Street?

Venkatasubramaniya Nagar Annexe 2nd Street is classified as Residential Class II Type - I, indicating its suitability for residential development.