Guideline Value for Venkatesan Nagar

Venkatesan Nagar guideline value

The current guideline value of Venkatesan Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 1,650 per sq.ft. This value is effective from 1 July 2024 and is classified as Residential Class II Type - II.

How the guideline value of Venkatesan Nagar has changed

In the 2017 revision, the guideline value was Rs 1,005 per sq.ft. This figure remained until the 2024 revision, which saw an increase of 64%, bringing the current value to Rs 1,650 per sq.ft. The register has no figures for the revisions in 2023, 2012, 2007, 2003, and 2002 for this street.

Thus, the only recorded changes for Venkatesan Nagar in the guideline value register are from Rs 1,005 in 2017 to Rs 1,650 in 2024, reflecting a significant increase over the seven-year period.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Venkatesan Nagar's current guideline value is below this median.

• VenkatesaPerumal Street: Rs 1,650 per sq.ft (2024)
• Venkataswamy Street: Rs 1,650 per sq.ft (2024)
• Venkata Ramanuja Iyer compound: Rs 1,650 per sq.ft (2024)
• Venkataraman Street: Rs 2,200 per sq.ft (2024)
• Venkataraman Cross Street: Rs 1,650 per sq.ft (2024)
• Vembuli Amman Koil Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000. Together, the total cost for these fees would be Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher.

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

Which Sub Registrar Office covers Venkatesan Nagar?

The Sub Registrar Office that covers Venkatesan Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Venkatesan Nagar?

The current guideline value of Venkatesan Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 1,005 per sq.ft to Rs 1,650 per sq.ft in 2024, which is a 64% increase.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, which means that Venkatesan Nagar's current value is below this median.

Where can I find the Sub Registrar Office for Venkatesan Nagar?

The Velacheri Sub Registrar Office covers Venkatesan Nagar and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duties calculated in Venkatesan Nagar?

Stamp duties in Venkatesan Nagar are calculated based on the higher of the guideline value or the sale price of the property. The current rate for stamp duty is 7%, and the registration fee is 2% of the guideline value or sale price.