Guideline Value for Venkateshwara Nagar

Venkateshwara Nagar guideline value

The current guideline value of Venkateshwara Nagar is Rs 940 per sq.ft, effective from 1 July 2024. This street is located in Erumaiyur village under the Padappai SRO, and the land classification is Residential Special Type - I.

How the guideline value of Venkateshwara Nagar has changed

The guideline value for Venkateshwara Nagar has seen several revisions over the years. In the 2012 revision, the value was Rs 850 per sq.ft, which decreased to Rs 569 per sq.ft in 2017. The value then increased significantly to Rs 850 per sq.ft in 2023, before reaching the current rate of Rs 940 per sq.ft in the 2024 revision.

From 2017 to 2023, there was a notable increase of 49%. The transition from 2023 to 2024 reflects an increase of 11%. Overall, from 2012 to 2024, the guideline value has increased by 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Erumaiyur

Erumaiyur village has 21 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 4,300 per sq.ft. The median value is Rs 940 per sq.ft, which is equal to the guideline value of Venkateshwara Nagar.

• Thiruppathi Nagar: Rs 550 per sq.ft (2024)
• Tambaram Somangalam Road (Royal Enclave): Rs 2,200 per sq.ft (2024)
• Tambaram - Pazhanthandalam Road: Rs 550 per sq.ft (2024)
• Sri Varadhapuri Nagar: Rs 940 per sq.ft (2024)
• Sri Balaji Nagar: Rs 440 per sq.ft (2024)
• Sobha Blossom: Rs 4,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateshwara Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 940 per sq.ft, the total guideline value amounts to Rs 9,40,000. The stamp duty at 7% would be Rs 65,800, and the registration fee at 2% would be Rs 18,800, totaling Rs 84,600. Please note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venkateshwara Nagar?

The Sub Registrar Office that covers Venkateshwara Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor in the registration process when buying or selling property in Erumaiyur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded at a fair value as determined by the government.

When a property is registered, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are mandatory for legal ownership transfer.

Frequently asked questions

What is the current guideline value of Venkateshwara Nagar?

The current guideline value of Venkateshwara Nagar is Rs 940 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 850 per sq.ft in 2012 to Rs 569 per sq.ft in 2017, then increased to Rs 850 per sq.ft in 2023, and finally reached Rs 940 per sq.ft in 2024.

What is the land classification for Venkateshwara Nagar?

The land classification for Venkateshwara Nagar is Residential Special Type - I.

Where is the Padappai Sub Registrar Office located?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for property in Venkateshwara Nagar?

The stamp duty is calculated at 7% of the higher value between the guideline value and the sale price. For example, for a 1,000 sq.ft plot at the guideline value of Rs 9,40,000, the stamp duty would be Rs 65,800.