Guideline Value for Venkatesapuram Colony 2nd Street (V.P)

Venkatesapuram Colony 2nd Street (V.P) guideline value

The current guideline value for Venkatesapuram Colony 2nd Street (V.P) is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village under the Ashok Nagar SRO, and it is classified as Residential Class III Type - II.

How the guideline value of Venkatesapuram Colony 2nd Street (V.P) has changed

The guideline value for Venkatesapuram Colony 2nd Street (V.P) has seen significant changes over the years. In the 2007 revision, the guideline value was Rs 1,210 per sq.ft, which increased to Rs 3,015 per sq.ft in 2017, marking a substantial rise of 149%. The value then rose to Rs 4,500 per sq.ft in 2023, reflecting a 49% increase from the previous revision. The current 2024 revision sets the guideline value at Rs 4,900 per sq.ft, a 9% increase from 2023.

It is important to note that there are no figures available for the years 2002, 2003, and 2012 for this street. Overall, from 2007 to 2024, the guideline value has increased by 305%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that have a guideline value for 2024, ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, which is equal to the guideline value for Venkatesapuram Colony 2nd Street (V.P).

• Venkatesapuram Colony 1st Street (V.P): Rs 4,900 per sq.ft (2024)
• Venkatesapuram Colony: Rs 4,900 per sq.ft (2024)
• Venkataraman Salai(M.G.R. Nagar, Nesappakkam): Rs 3,300 per sq.ft (2024)
• Venkatachalam Street Block 82 (JPT): Rs 4,900 per sq.ft (2024)
• Vengeeswarar Nagar 3rd Street: Rs 6,000 per sq.ft (2024)
• Vengeeswarar Nagar 3rd Cross Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesapuram Colony 2nd Street (V.P)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total to Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatesapuram Colony 2nd Street (V.P)?

The Sub Registrar Office that covers Venkatesapuram Colony 2nd Street (V.P) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kodambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, 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 both the buyer and seller are aware of the financial implications of the transaction.

Frequently asked questions

What is the current guideline value of Venkatesapuram Colony 2nd Street (V.P)?

The current guideline value of Venkatesapuram Colony 2nd Street (V.P) is Rs 4,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2007?

Since 2007, the guideline value has increased from Rs 1,210 per sq.ft to Rs 4,900 per sq.ft in 2024, which is an overall increase of 305%.

What was the guideline value in 2023?

The guideline value for Venkatesapuram Colony 2nd Street (V.P) in 2023 was Rs 4,500 per sq.ft.

Which Sub Registrar Office should I visit for property transactions in this area?

You should visit the Ashok Nagar Sub Registrar Office located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 for property transactions related to Venkatesapuram Colony 2nd Street (V.P).

How is the stamp duty calculated for property in Venkatesapuram Colony 2nd Street (V.P)?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 3,43,000.