Guideline Value for Venkateshwara Nagar Part-I 1st Street

Venkateshwara Nagar Part-I 1st Street guideline value

The current guideline value of Venkateshwara Nagar Part-I 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street 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 Part-I 1st Street has changed

The guideline value for Venkateshwara Nagar Part-I 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023, and the most recent revision in 2024 has raised it to Rs 2,700 per sq.ft, marking an 8% increase from the previous year.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023. However, it decreased by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has seen an increase of 8%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value for Venkateshwara Nagar Part-I 1st Street matches this median.

• Venkateshwara Nagar Part-I 1st Cross 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)
• Venkateshwara Nagar Part-I 4th Cross Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateshwara Nagar Part-I 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost to Rs 2,43,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkateshwara Nagar Part-I 1st Street?

The Venkateshwara Nagar Part-I 1st Street falls under the Madhavaram Sub Registrar Office located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in determining the stamp duty and registration fees when buying or selling property in Kodungaiyur. It serves as a benchmark for the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This process helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value for Venkateshwara Nagar Part-I 1st Street?

The current guideline value for Venkateshwara Nagar Part-I 1st Street 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 increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the stamp duty for properties in Venkateshwara Nagar Part-I 1st Street?

The stamp duty for properties in Venkateshwara Nagar Part-I 1st Street is calculated at 7% of the guideline value or sale price, whichever is higher.

Which office handles registrations for Venkateshwara Nagar Part-I 1st Street?

The Madhavaram Sub Registrar Office handles registrations for Venkateshwara Nagar Part-I 1st Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Venkateshwara Nagar Part-I 1st Street?

Venkateshwara Nagar Part-I 1st Street is classified as Residential Class I Type - I.