Guideline Value for Venkateshwara Nagar East Phase

Venkateshwara Nagar East Phase guideline value

The current guideline value of Venkateshwara Nagar East Phase is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Venkateshwara Nagar East Phase has changed

The guideline value for Venkateshwara Nagar East Phase has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in 2017. In 2023, the figure increased to Rs 2,500 per sq.ft, and the most recent revision in 2024 set the guideline value at Rs 2,700 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%. The change from 2023 to 2024 reflects an increase of 8%. Overall, the guideline value has increased by 8% from 2012 to 2024.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value is Rs 2,700 per sq.ft, which is equal to the current guideline value for Venkateshwara Nagar East Phase.

• Venkateshwara Nagar Part-I 1st Cross Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Nagar Part-I 1st Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Nagar Part-I 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Nagar Part-I 2nd Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Nagar Part-I 3rd Cross Street: Rs 2,700 per sq.ft (2024)
• Venkateshwara Nagar Part-I 3rd Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateshwara Nagar East Phase

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venkateshwara Nagar East Phase?

The Venkateshwara Nagar East Phase falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kodungaiyur. It serves as the minimum value for which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers must be aware of the guideline value to avoid under-reporting the sale price.

When a property is sold, the guideline value helps determine the applicable stamp duty and registration fees. These costs are calculated based on the guideline value or the sale price, whichever is higher, ensuring transparency and compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Venkateshwara Nagar East Phase?

The current guideline value of Venkateshwara Nagar East Phase is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification for Venkateshwara Nagar East Phase?

Venkateshwara Nagar East Phase is classified as Residential Class I Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Venkateshwara Nagar East Phase?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000.