Guideline Value for Venkateswara Nagar (Extn)

Venkateswara Nagar (Extn) guideline value

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

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

The guideline value for Venkateswara Nagar (Extn) has undergone several revisions over the years. The register shows that in 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 to Rs 1,500 per sq.ft in 2012. However, it decreased to Rs 1,005 per sq.ft in 2017, before rising again to Rs 1,500 per sq.ft in 2023, and finally reaching Rs 1,700 per sq.ft in 2024.

Between the revisions, the changes were notable. From 2002 to 2024, there has been an overall increase of 1,404%. The jump from 2017 to 2023 saw an increase of 49%, while the change from 2023 to 2024 was 13%. The years 2007 to 2012 saw a decrease of 33%, and 2003 to 2007 had a remarkable increase of 307%.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 10,500 per sq.ft, and a median value of Rs 2,200 per sq.ft. The guideline value for Venkateswara Nagar (Extn) is below this median.

• Venkateswara Nagar North 10th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar North 11th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar (Canal): Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar North 12th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar North 13th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar North 14th Street: Rs 1,700 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, while the registration fee at 2% would be Rs 34,000. Together, the total cost for these fees would be Rs 1,53,000. It is important to note that the 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 Venkateswara Nagar (Extn)?

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

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

The guideline value is a crucial factor in the property registration process in Neelankarai. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, which are mandatory for legal transactions.

It is essential for buyers and sellers to be aware of the guideline value as it can influence the overall cost of the transaction. Accurate knowledge of the guideline value ensures compliance with legal requirements during the property registration process.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar (Extn)?

The current guideline value of Venkateswara Nagar (Extn) 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%.

What is the land classification for Venkateswara Nagar (Extn)?

Venkateswara Nagar (Extn) is classified as Residential Class III Type - I.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is stamp duty calculated for properties in Venkateswara Nagar (Extn)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 17,00,000, the stamp duty at 7% would be Rs 1,19,000.