Guideline Value for Venkateshwara Nagar 8th Street

Venkateshwara Nagar 8th Street guideline value

The current guideline value of Venkateshwara Nagar 8th Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Kottivakkam village and falls under the Adayar SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Venkateshwara Nagar 8th Street has changed

The guideline value for Venkateshwara Nagar 8th Street has seen several revisions over the years. The earliest recorded figure in the register is from 2002, which was Rs 510 per sq.ft. This increased to Rs 606 per sq.ft in 2003, marking a 19% rise. The value continued to climb significantly, reaching Rs 1,800 per sq.ft in 2007, an increase of 197%. In 2012, the value was recorded again at Rs 3,500 per sq.ft, reflecting a decrease of 33% from the previous revision. The following revisions saw the guideline value rise to Rs 2,345 per sq.ft in 2017, and then to Rs 3,500 per sq.ft in 2023, before reaching the current value of Rs 3,900 per sq.ft in 2024, which is an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 665%. There are no figures available for the revisions in the years not mentioned in the register for this street.

Guideline values in Kottivakkam

Kottivakkam village has a total of 284 streets under the Adayar SRO, with 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 8th Street.

• Venkateshwara Nagar 7th Street: Rs 3,900 per sq.ft (2024)
• Venkateshwara Nagar 9th Street: Rs 3,900 per sq.ft (2024)
• Venkateshwara Nagar 6th Street: Rs 3,900 per sq.ft (2024)
• Venkateshwara Nagar Main Road: Rs 3,900 per sq.ft (2024)
• Venkateshwara Nagar 5th Street: Rs 3,900 per sq.ft (2024)
• Venkateshwara Nagar 4th Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateshwara Nagar 8th 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, bringing the total costs together to Rs 3,51,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkateshwara Nagar 8th Street?

The Adayar Sub Registrar Office covers Venkateshwara Nagar 8th Street, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. To find your SRO, visit find your SRO.

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

The guideline value plays a crucial role during property registration in Kottivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it can influence the overall transaction costs.

When registering a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions, reflecting the property's value in the area.

Frequently asked questions

What is the current guideline value of Venkateshwara Nagar 8th Street?

The current guideline value of Venkateshwara Nagar 8th 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 increased from Rs 510 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, representing a total increase of 665% over the years.

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

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Which office handles property registrations in Venkateshwara Nagar 8th Street?

The Adayar Sub Registrar Office is responsible for property registrations in Venkateshwara Nagar 8th Street, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum value for property registration. It influences the calculation of stamp duty and registration fees, ensuring that the transaction reflects the property's value in the area.