Guideline Value for Venkateshwara Colony Main Road

Venkateshwara Colony Main Road guideline value

The current guideline value of Venkateshwara Colony Main Road 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 Main Road has changed

Over the years, the guideline value for Venkateshwara Colony Main Road has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which then changed to Rs 1,675 per sq.ft in 2017, marking a decrease of 16%. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, reflecting a rise of 49%. The latest revision in 2024 has further increased the value to Rs 2,700 per sq.ft, an 8% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 35%.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for the area is Rs 2,700 per sq.ft, which is equal to the current guideline value of Venkateshwara Colony Main Road.

• Venkateshwara Colony 9th Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Colony 8th Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Colony 7th Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Colony 6th Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Colony 5th Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Colony 4th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateshwara Colony Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees 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 information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkateshwara Colony Main Road?

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

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

The guideline value is a crucial factor in the registration process 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 appropriate revenue through stamp duty and registration fees.

When buying or selling a property, the guideline value helps both buyers and sellers understand the official valuation of the property. It is essential for setting expectations regarding the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Venkateshwara Colony Main Road?

The current guideline value of Venkateshwara Colony Main Road 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 significantly from Rs 2,000 per sq.ft in 2012 to Rs 2,700 per sq.ft in 2024, with notable increases in 2023 and 2024.

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

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value. For example, a 1,000 sq.ft plot would incur total fees of Rs 2,43,000.

Which office handles registrations for Venkateshwara Colony Main Road?

The Madhavaram Sub Registrar Office handles registrations for Venkateshwara Colony Main Road, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the significance of the guideline value in property transactions?

The guideline value serves as a benchmark for property registration, ensuring that the government collects appropriate revenue through stamp duty and registration fees based on the property's official valuation.