Guideline Value for Venkateshwara Colony

Venkateshwara Colony guideline value

The current guideline value of Venkateshwara Colony is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Venkateshwara Colony has changed

The guideline value for Venkateshwara Colony has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which remained unchanged until the 2023 revision, where it was again Rs 1,500 per sq.ft. The 2024 revision increased the guideline value to Rs 1,600 per sq.ft, marking a 7% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 7%. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value is Rs 1,600 per sq.ft, which is equal to the guideline value of Venkateshwara Colony.

• Venkateswara 2nd St (Ward-09): Rs 1,600 per sq.ft (2024)
• Venkateswara Colony 10th Street (Ward-04): Rs 1,600 per sq.ft (2024)
• Venkateswara Colony 11th Street (Ward-04): Rs 1,600 per sq.ft (2024)
• Venkateswara Colony (Ward-04): Rs 1,600 per sq.ft (2024)
• Venkateswara Nagar 10th st (Ward No.4): Rs 1,600 per sq.ft (2024)
• Venkateswara Nagar 11th st (Ward No.4): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateshwara Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total fees to Rs 1,44,000. 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 details.

Which Sub Registrar Office covers Venkateshwara Colony?

The Sub Registrar Office that covers Venkateshwara Colony is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit this link.

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

The guideline value is a crucial factor in determining the registration fees and stamp duty when buying or selling property in Madhavaram. It serves as a benchmark for the value of the property and is used to calculate the taxes payable during the registration process.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Venkateshwara Colony?

The current guideline value of Venkateshwara Colony is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 1,500 per sq.ft from 2012 to 2023 and increased to Rs 1,600 per sq.ft in 2024, marking a 7% increase from 2023.

What is the land classification for Venkateshwara Colony?

The land classification for Venkateshwara Colony is Residential Class II Type - I.

Where can I find the Sub Registrar Office for Venkateshwara Colony?

The Sub Registrar Office covering Venkateshwara Colony is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for property in Venkateshwara Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000 at the current rate of 7%.