Guideline Value for Venkateshwara Nagar 3rd Street

Venkateshwara Nagar 3rd Street guideline value

The current guideline value of Venkateshwara Nagar 3rd Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Kottivakkam village under the Adayar SRO, classified as Residential Class II Type - I.

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

The guideline value for Venkateshwara Nagar 3rd Street has seen several revisions over the years. In 2002, the value was Rs 510 per sq.ft, which increased to Rs 606 per sq.ft in 2003. The value continued to rise, reaching Rs 1,800 per sq.ft in 2007, and then saw a significant jump to Rs 3,500 per sq.ft in 2012. However, it dropped to Rs 2,345 per sq.ft in 2017 before increasing again to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,900 per sq.ft in 2024.

Between the revisions, the changes were notable. From 2002 to 2003, there was an increase of 19%. The value rose dramatically by 197% from 2003 to 2007, followed by a 94% increase from 2007 to 2012. After the drop of 33% from 2012 to 2017, the value increased by 49% from 2017 to 2023, and then by 11% from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 665%.

Guideline values in Kottivakkam

Kottivakkam village has a total of 284 streets under the Adayar SRO, with the 2024 guideline values ranging from Rs 1,700 to Rs 8,500 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, which is the same as the current value for Venkateshwara Nagar 3rd Street.

• Venkateshwara Nagar 4th Street: Rs 3,900 per sq.ft (2024)
• Venkateshwara Nagar 2nd Street: Rs 3,900 per sq.ft (2024)
• Venkateshwara Nagar 5th Street: Rs 3,900 per sq.ft (2024)
• Venkateshwara Nagar 6th Street: Rs 3,900 per sq.ft (2024)
• Venkateshwara Nagar 1st Street: Rs 3,900 per sq.ft (2024)
• Venkateshwara Nagar 7th Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateshwara Nagar 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, together totaling Rs 3,51,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venkateshwara Nagar 3rd Street?

The Sub Registrar Office that covers Venkateshwara Nagar 3rd Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Kottivakkam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value helps ensure that the transaction is recorded accurately and fairly in the official registry.

When selling property, the guideline value serves as a benchmark for pricing. It is crucial for both buyers and sellers to be aware of the current guideline value to facilitate a smooth transaction process and to comply with legal requirements during registration.

Frequently asked questions

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

The current guideline value of Venkateshwara Nagar 3rd Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with the most recent increase being from Rs 3,500 per sq.ft in 2023 to Rs 3,900 per sq.ft in 2024, marking an 11% increase. Overall, from 2002 to 2024, the value has increased by 665%.

What is the role of the Adayar SRO?

The Adayar SRO is responsible for maintaining the guideline value register and overseeing property registrations in Kottivakkam. It ensures that all transactions are recorded accurately and in compliance with legal standards.

How is stamp duty calculated for properties in Venkateshwara Nagar 3rd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the guideline value of Rs 3,900 per sq.ft would incur a total stamp duty of Rs 2,73,000.

Where can I find more information about guideline values in Kottivakkam?

More information about guideline values in Kottivakkam can be found through the Adayar SRO or by visiting the official registration department's website where the guideline value register is maintained.