Guideline Value for Venkateshwara Nagar 1st Cross Street

Venkateshwara Nagar 1st Cross Street guideline value

The current guideline value of Venkateshwara Nagar 1st Cross Street is Rs 3,600 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village under the Virugambakkam SRO, classified as Residential Class I Type - II.

How the guideline value of Venkateshwara Nagar 1st Cross Street has changed

Over the years, the guideline value for Venkateshwara Nagar 1st Cross Street has seen significant changes. The 2002 revision recorded a value of Rs 237 per sq.ft, which increased to Rs 260 per sq.ft in 2003. By 2007, the value rose dramatically to Rs 400 per sq.ft, and in 2012, it was Rs 3,250 per sq.ft. The 2017 revision noted a decrease to Rs 2,177 per sq.ft, followed by an increase to Rs 3,250 per sq.ft in 2023. The latest revision in 2024 has set the guideline value at Rs 3,600 per sq.ft.

In terms of percentage changes, the guideline value increased by 10% from 2002 to 2003, followed by a 54% increase from 2003 to 2007. The value then surged by 713% from 2007 to 2012. However, from 2012 to 2017, there was a notable decrease of 33%. The value increased by 49% from 2017 to 2023, and finally, there was an 11% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1,419%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value in this area is Rs 3,050 per sq.ft, making the 2024 guideline value of Venkateshwara Nagar 1st Cross Street above this median.

• Venkateshwara Nagar 2nd Cross Street: Rs 3,600 per sq.ft (2024)
• Venkateshwara Nagar 3rd Cross Street: Rs 3,600 per sq.ft (2024)
• Venkateshwara Nagar 4th Cross Street: Rs 3,600 per sq.ft (2024)
• Venkateshwara Nagar Main Road: Rs 3,600 per sq.ft (2024)
• Venkatachalapathi Nagar: Rs 2,750 per sq.ft (2024)
• Vel Nagar 9th Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateshwara Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,600 per sq.ft, the total guideline value would be Rs 36,00,000. The stamp duty at 7% would be Rs 2,52,000, and the registration fee at 2% would be Rs 72,000, together amounting to Rs 3,24,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Venkateshwara Nagar 1st Cross Street?

The Venkateshwara Nagar 1st Cross Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions within Maduravoyal. It serves as a benchmark for determining the minimum value at which properties can be registered. When you buy or sell a property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements. This value helps in understanding the financial implications of property transactions in the area.

Frequently asked questions

What is the current guideline value of Venkateshwara Nagar 1st Cross Street?

The current guideline value of Venkateshwara Nagar 1st Cross Street is Rs 3,600 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 237 per sq.ft in 2002 to Rs 3,600 per sq.ft in 2024, reflecting an overall increase of 1,419% over this period.

What is the median guideline value in Maduravoyal?

The median guideline value in Maduravoyal is Rs 3,050 per sq.ft, with Venkateshwara Nagar 1st Cross Street's 2024 value being above this median.

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

The stamp duty for properties in Venkateshwara Nagar 1st Cross Street is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Which office handles property registrations for Venkateshwara Nagar 1st Cross Street?

The Virugambakkam Sub Registrar Office handles property registrations for Venkateshwara Nagar 1st Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.