Guideline Value for Venkateshwara Nagar 2nd Cross Street

Venkateshwara Nagar 2nd Cross Street guideline value

The current guideline value of Venkateshwara Nagar 2nd 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 2nd Cross Street has changed

The guideline value for Venkateshwara Nagar 2nd Cross Street has seen several revisions over the years. In 2002, the guideline value was Rs 237 per sq.ft, which increased to Rs 260 per sq.ft in 2003. Following that, the value rose to Rs 400 per sq.ft in 2007, and then significantly jumped to Rs 3,250 per sq.ft in 2012. However, it decreased to Rs 2,177 per sq.ft in 2017. The value then increased to Rs 3,250 per sq.ft in 2023 and is now Rs 3,600 per sq.ft in 2024.

From 2017 to 2023, the value increased by 49%. The jump from 2007 to 2012 represented a substantial increase of 713%, while the change from 2012 to 2017 was a decrease of 33%. The overall change from 2002 to 2024 shows an increase of 1,419%. There are no figures available for the revisions in years not mentioned in the register.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. The guideline value for Venkateshwara Nagar 2nd Cross Street is above this median.

• Venkateshwara Nagar 3rd Cross Street: Rs 3,600 per sq.ft (2024)
• Venkateshwara Nagar 1st 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 2nd 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 amounts to 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, bringing the total charges to Rs 3,24,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkateshwara Nagar 2nd Cross Street?

The Venkateshwara Nagar 2nd 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 information.

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

The guideline value is an essential factor when registering property transactions in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transfer of property ownership.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately, reflecting the value of the property as per the government's assessment. This value is crucial for both buyers and sellers to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Venkateshwara Nagar 2nd Cross Street?

The current guideline value of Venkateshwara Nagar 2nd 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 from Rs 237 per sq.ft in 2002 to Rs 3,600 per sq.ft in 2024, showing an overall increase of 1,419% over the years.

What is the stamp duty rate for properties in Venkateshwara Nagar 2nd Cross Street?

The stamp duty rate for properties in Venkateshwara Nagar 2nd Cross Street is 7% of the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Venkateshwara Nagar 2nd Cross Street?

The Virugambakkam Sub Registrar Office handles property registrations for Venkateshwara Nagar 2nd Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the other streets with the same guideline value in Maduravoyal?

Other streets in Maduravoyal with the same guideline value of Rs 3,600 per sq.ft include Venkateshwara Nagar 1st Cross Street, Venkateshwara Nagar 3rd Cross Street, Venkateshwara Nagar 4th Cross Street, and Venkateshwara Nagar Main Road.