Guideline Value for Venkateswara Nagar (Canal)

Venkateswara Nagar (Canal) guideline value

The current guideline value for Venkateswara Nagar (Canal) is Rs 1,700 per sq.ft, effective from 1 July 2024. This area is located in Neelankarai village, under the Neelankarai SRO, and is classified as Residential Class III Type - I.

How the guideline value of Venkateswara Nagar (Canal) has changed

The guideline value for Venkateswara Nagar (Canal) has seen several revisions over the years. Starting from 2002, the guideline value was Rs 113 per sq.ft, which increased to Rs 123 per sq.ft in 2003. Following this, there was a significant rise to Rs 500 per sq.ft in 2007, and then it further increased to Rs 1,500 per sq.ft in 2012. However, the value dropped to Rs 1,005 per sq.ft in 2017. The most recent revisions were Rs 1,500 per sq.ft in 2023 and Rs 1,700 per sq.ft in 2024, marking a 13% increase from the previous year.

In summary, the changes between the revisions reflect a notable increase overall. From 2002 to 2024, the guideline value has risen by 1,404%. The increases from 2017 to 2023 were 49%, and from 2007 to 2012, there was a decrease of 33%. The highest increase was recorded from 2003 to 2007, which was 307%.

Guideline values in Neelankarai

In Neelankarai village, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, making the 2024 figure for Venkateswara Nagar (Canal) below this median.

• Venkateswara Nagar 8th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar (Extn): Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 7th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 6th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar North 10th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar North 11th Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Nagar (Canal)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, making the total charges Rs 1,53,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkateswara Nagar (Canal)?

The Sub Registrar Office that covers Venkateswara Nagar (Canal) is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Neelankarai. It serves as a benchmark for determining the applicable stamp duty and registration fees, which are calculated based on this value.

When a property transaction takes place, the guideline value is used to ensure that the taxes paid are reflective of the property's value as determined by the local authorities. This helps maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value for Venkateswara Nagar (Canal)?

The current guideline value for Venkateswara Nagar (Canal) is Rs 1,700 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 113 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 1,404% over this period.

What are the stamp duty and registration fees for property transactions in this area?

For a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000 and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

Which office handles property registrations for Venkateswara Nagar (Canal)?

The Neelankarai Sub Registrar Office is responsible for property registrations in Venkateswara Nagar (Canal), located at 2/71, Gajura Garden, East Coast Road, Neelangarai, Chennai.

What is the median guideline value for streets in Neelankarai?

The median guideline value for the 377 streets in Neelankarai is Rs 2,200 per sq.ft, with Venkateswara Nagar (Canal) having a value below this median at Rs 1,700 per sq.ft.