Guideline Value for Venkateshwara Nagar Part-I 2nd Street

Venkateshwara Nagar Part-I 2nd Street guideline value

The current guideline value of Venkateshwara Nagar Part-I 2nd Street is Rs 2,700 per sq.ft. This street is located in Kodungaiyur village, under the Madhavaram SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Venkateshwara Nagar Part-I 2nd Street has changed

The guideline value for Venkateshwara Nagar Part-I 2nd Street has seen several revisions over the years. The 2024 revision sets the value at Rs 2,700 per sq.ft, an increase from the 2023 figure of Rs 2,500 per sq.ft. This marks an 8% increase from the previous year. The 2017 revision recorded a value of Rs 1,675 per sq.ft, which was a significant increase of 49% from the 2017 figure compared to the 2023 revision. The 2012 revision also had a value of Rs 2,500 per sq.ft, reflecting a decrease of 33% from the 2017 revision. Overall, from 2012 to 2024, the guideline value has increased by 8%.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. The 2012 revision was the first recorded value for Venkateshwara Nagar Part-I 2nd Street, which has since seen incremental changes leading to the current guideline value.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, which is equal to the current value of Venkateshwara Nagar Part-I 2nd Street.

• Venkateshwara Nagar Part-I 2nd Cross 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 1st 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 1st Cross 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 2nd 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 fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Venkateshwara Nagar Part-I 2nd Street?

The Sub Registrar Office that covers Venkateshwara Nagar Part-I 2nd Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value is a critical factor during property registration in Kodungaiyur. It serves as a reference point for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to avoid potential legal issues.

When a property is bought or sold, the guideline value is used to calculate the stamp duty and registration fees. This means that the higher of the guideline value and the actual sale price will be taken into account when determining the total costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Venkateshwara Nagar Part-I 2nd Street?

The current guideline value of Venkateshwara Nagar Part-I 2nd 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 2023 to Rs 2,700 per sq.ft in 2024, marking an 8% increase. It was Rs 1,675 per sq.ft in 2017 and Rs 2,500 per sq.ft in 2012, showing a significant change over the years.

What is the land classification for Venkateshwara Nagar Part-I 2nd Street?

The land classification for Venkateshwara Nagar Part-I 2nd Street is Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles property registrations for the area.

How is the stamp duty calculated for properties in Venkateshwara Nagar Part-I 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,89,000 at 7% of Rs 27,00,000.