Guideline Value for Venkateshwara Nagar

Venkateshwara Nagar guideline value

The current guideline value of Venkateshwara Nagar, located in Karanodai village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Venkateshwara Nagar has changed

The guideline value for Venkateshwara Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 500 per sq.ft, which was then reduced to Rs 335 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 500 per sq.ft, and the latest 2024 revision raised it further to Rs 550 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register does not contain figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Karanodai

In Karanodai, there are 38 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 440 to Rs 2,000 per sq.ft, with a median value of Rs 1,210 per sq.ft. Venkateshwara Nagar's current guideline value is below this median.

• Vigneshwar Nagar: Rs 1,210 per sq.ft (2024)
• VIP Nagar: Rs 440 per sq.ft (2024)
• Throwbathi Amman Koil Street: Rs 1,210 per sq.ft (2024)
• Thirukkulamedu: Rs 440 per sq.ft (2024)
• Sri Sai Nagar: Rs 1,210 per sq.ft (2024)
• Sri Krishna Nagar Annex-III: Rs 440 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 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total cost for these fees to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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 Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor when buying or selling property in Karanodai, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees applicable during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. Buyers and sellers should be aware of the guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Venkateshwara Nagar?

The current guideline value of Venkateshwara Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification of Venkateshwara Nagar?

Venkateshwara Nagar falls under the Residential Class II Type - I land classification.

Where can I find the Sub Registrar Office for Venkateshwara Nagar?

The Sub Registrar Office for Venkateshwara Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

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

The stamp duty for properties in Venkateshwara Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.