Guideline Value for Venkateshwara Nagar 3rd Cross Street

Venkateshwara Nagar 3rd Cross Street guideline value

The current guideline value of Venkateshwara Nagar 3rd Cross Street is Rs 3,600 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Venkateshwara Nagar 3rd Cross Street has changed

The guideline value for Venkateshwara Nagar 3rd Cross Street has seen several revisions over the years. The earliest figure available is from 2002, which was Rs 237 per sq.ft. This increased to Rs 260 per sq.ft in 2003, followed by a rise to Rs 400 per sq.ft in 2007. The 2012 revision saw a significant jump to Rs 3,250 per sq.ft, but this was followed by a decrease to Rs 2,177 per sq.ft in 2017. The value then increased to Rs 3,250 per sq.ft in 2023, and the latest revision in 2024 has set the value at Rs 3,600 per sq.ft.

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

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median value among these streets is Rs 3,050 per sq.ft, placing Venkateshwara Nagar 3rd Cross Street above this median.

• Venkateshwara Nagar 2nd Cross Street: Rs 3,600 per sq.ft (2024)
• Venkateshwara Nagar 4th Cross Street: Rs 3,600 per sq.ft (2024)
• Venkateshwara Nagar 1st 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 3rd 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 amount to Rs 2,52,000, and the registration fee at 2% would be Rs 72,000, making the total cost for these fees 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.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Venkateshwara Nagar 3rd Cross Street?

The Venkateshwara Nagar 3rd Cross Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more information, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Maduravoyal. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the applicable fees, which are based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Venkateshwara Nagar 3rd Cross Street?

The current guideline value for Venkateshwara Nagar 3rd 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, showing an overall increase of 1,419% over the years.

What is the land classification for this street?

The land classification for Venkateshwara Nagar 3rd Cross Street is Residential Class I Type - II.

Where can I find the Sub Registrar Office for this area?

The Virugambakkam Sub Registrar Office covers Venkateshwara Nagar 3rd Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total fee of Rs 3,24,000.