Guideline Value for Venkateswara Colony Extension

Venkateswara Colony Extension guideline value

The current guideline value for Venkateswara Colony Extension is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Jampuli village under the Madhavaram SRO, classified as Residential Special Type - I.

How the guideline value of Venkateswara Colony Extension has changed

Over the years, the guideline value for Venkateswara Colony Extension has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in 2017. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft as of the 2024 revision.

From the 2017 to 2023 revision, there was a notable increase of 49%. The 2023 to 2024 revision reflects a 10% increase. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Jampuli

In Jampuli village, there are 118 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,700 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,450 per sq.ft, placing Venkateswara Colony Extension above this median.

• Venkateswara Colony 9th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Colony 8th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Colony 7th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Colony 6th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Colony 5th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Colony 4th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Colony Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty is charged at 7%, resulting in Rs 2,31,000, while the registration fee at 2% amounts to Rs 66,000. Therefore, the total cost for stamp duty and registration fee together is Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkateswara Colony Extension?

The Sub Registrar Office that covers Venkateswara Colony Extension is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Jampuli. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. This ensures that the government collects the appropriate taxes based on the value of the property being registered.

When purchasing property, buyers should be aware that the guideline value may differ from the sale price. The stamp duty is calculated based on the higher of these two values, which means understanding the guideline value is essential for accurate financial planning during a property transaction.

Frequently asked questions

What is the current guideline value for Venkateswara Colony Extension?

The current guideline value for Venkateswara Colony Extension is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft in 2024.

What is the stamp duty rate for properties in Venkateswara Colony Extension?

The stamp duty rate for properties in Venkateswara Colony Extension is 7% of the guideline value or the sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is essential for buyers and sellers to understand this value for accurate financial planning.