Guideline Value for Venkateshwara Colony 5th Street

Venkateshwara Colony 5th Street guideline value

The current guideline value of Venkateshwara Colony 5th Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Venkateshwara Colony 5th Street has changed

Over the years, the guideline value of Venkateshwara Colony 5th Street has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in 2017. In 2023, the value increased to Rs 2,500 per sq.ft, and the latest revision in 2024 has raised it to Rs 2,700 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2017 to 2023, the guideline value increased by 49%. The change from 2023 to 2024 reflects an 8% increase. Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a total increase of 8%.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft as of 2024. The median guideline value for these streets is Rs 2,700 per sq.ft, which aligns with the current value of Venkateshwara Colony 5th Street.

• Venkateshwara Colony 4th Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Colony 6th Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Colony 3rd Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Colony 7th Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Colony 2nd Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Colony 8th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateshwara Colony 5th Street

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Venkateshwara Colony 5th Street?

The Venkateshwara Colony 5th Street falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Kodungaiyur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is compared against the sale price. The higher of the two figures will be used to calculate the applicable stamp duty and registration fees, making it essential for buyers and sellers to be aware of the current guideline value.

Frequently asked questions

What is the current guideline value of Venkateshwara Colony 5th Street?

The current guideline value of Venkateshwara Colony 5th Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, reflecting an 8% increase. It was Rs 1,675 per sq.ft in 2017, showing a 49% increase to the 2023 figure.

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

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000, and the registration fee would be Rs 54,000, totaling Rs 2,43,000. These fees are calculated based on the higher of the guideline value or the sale price.

Which Sub Registrar Office handles Venkateshwara Colony 5th Street?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, covers Venkateshwara Colony 5th Street.

What is the land classification for Venkateshwara Colony 5th Street?

Venkateshwara Colony 5th Street is classified as Residential Class I Type - I, indicating its suitability for residential development.