Guideline Value for Venkateshwara Nagar

Venkateshwara Nagar guideline value

The current guideline value of Venkateshwara Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Valasaravakkam village under the Virugambakkam Sub Registrar Office (SRO). The land classification for this street is Residential Class II Type - I.

How the guideline value of Venkateshwara Nagar has changed

Since the early 2000s, the guideline value of Venkateshwara Nagar has seen significant changes. In 2002, the value was Rs 683 per sq.ft, which increased to Rs 743 per sq.ft in 2003, marking a 9% rise. By 2007, the value had further increased to Rs 750 per sq.ft, a modest gain of 1%. The 2012 revision saw a substantial jump to Rs 3,500 per sq.ft, reflecting a 367% increase. However, in 2017, the value dropped to Rs 2,345 per sq.ft, a decrease of 33%. The latest revision in 2024 brings the value back up to Rs 3,850 per sq.ft, which is a 64% increase from 2017.

Overall, from 2002 to 2024, the guideline value has increased by 464%. It is important to note that there is no figure available for the year 2023 in the register for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, which is equal to the guideline value of Venkateshwara Nagar.

• Venkateshwara Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Venkateshwara Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Venkateshwara Nagar 3rd Street: Rs 3,850 per sq.ft (2024)
• Venkateshwara Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Venkateshwara Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Venkatesa Perumal Nagar: Rs 3,850 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 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Venkateshwara Nagar?

The Venkateshwara Nagar area is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Valasaravakkam. It serves as a benchmark for calculating stamp duty and registration fees, which are mandatory during the transaction.

When you register a property, the guideline value is used to determine the applicable fees. Buyers should be aware that the fees are calculated based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Venkateshwara Nagar?

The current guideline value of Venkateshwara Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 683 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 464%.

What are the stamp duty and registration fees for property in Venkateshwara Nagar?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for Venkateshwara Nagar?

The Virugambakkam Sub Registrar Office handles registrations for Venkateshwara Nagar, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

Are there other streets in Valasaravakkam with the same guideline value?

Yes, there are several other streets in Valasaravakkam with the same guideline value of Rs 3,850 per sq.ft, including Venkateshwara Nagar 1st Street, 2nd Street, 3rd Street, 4th Street, Main Road, and Venkatesa Perumal Nagar.