Guideline Value for Venkatesa Puram Colony New

Venkatesa Puram Colony New guideline value

The current guideline value of Venkatesa Puram Colony New is Rs 4,800 per sq.ft, effective from 1 July 2024. This area is located in Vepery village and falls under the Periamet SRO, classified as Residential Class II Type - II.

How the guideline value of Venkatesa Puram Colony New has changed

The guideline value for Venkatesa Puram Colony New has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 1,200 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012. However, it then decreased to Rs 3,015 per sq.ft by the 2017 revision. In the subsequent years, the value rose to Rs 4,500 per sq.ft in 2023 and is currently set at Rs 4,800 per sq.ft for 2024.

Between these revisions, the changes were notable. From 2007 to 2012, there was an increase of 275%, followed by a decrease of 33% from 2012 to 2017. The value then surged by 49% from 2017 to 2023 and increased by 7% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 300%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO with guideline values ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median guideline value is Rs 4,800 per sq.ft, which is equal to the current value of Venkatesa Puram Colony New.

• Venkatesa Mudali street: Rs 4,800 per sq.ft (2024)
• Venkatchala Mudali street: Rs 4,800 per sq.ft (2024)
• Vepery Church road: Rs 7,700 per sq.ft (2024)
• Veppery HighRoad: Rs 12,100 per sq.ft (2024)
• Vera Chetty 1st street: Rs 4,800 per sq.ft (2024)
• VeraChetty 2nd street: Rs 4,800 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesa Puram Colony New

For a 1,000 sq.ft plot at the current rate of Rs 4,800 per sq.ft, the guideline value amounts to Rs 48,00,000. The stamp duty at 7% would be Rs 3,36,000, while the registration fee at 2% would be Rs 96,000, totaling Rs 4,32,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatesa Puram Colony New?

The Sub Registrar Office that covers Venkatesa Puram Colony New is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value plays a crucial role during property transactions in Vepery. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. Buyers and sellers must be aware of the current guideline value to ensure they comply with the legal requirements during the sale process.

When registering a property, the guideline value is compared with the sale price. The higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Venkatesa Puram Colony New?

The current guideline value of Venkatesa Puram Colony New is Rs 4,800 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 1,200 per sq.ft in 2007 to Rs 4,800 per sq.ft in 2024, with various revisions occurring in between.

What is the land classification of Venkatesa Puram Colony New?

Venkatesa Puram Colony New is classified as Residential Class II Type - II.

Where can I find the Sub Registrar Office for Venkatesa Puram Colony New?

The Sub Registrar Office for Venkatesa Puram Colony New is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated for properties in Venkatesa Puram Colony New?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 48,00,000 would incur a stamp duty of Rs 3,36,000 at a rate of 7%.