Guideline Value for Venkateswara Nagar - II

Venkateswara Nagar - II guideline value

The current guideline value of Venkateswara Nagar - II is Rs 300 per sq.ft, effective from 1 July 2024. This area is located in Mevaloorkuppam village under the Sriperumpudur SRO and is classified as Residential Class III Type - I.

How the guideline value of Venkateswara Nagar - II has changed

In the 2007 revision, the guideline value was set at Rs 50 per sq.ft. This figure increased significantly to Rs 300 per sq.ft in the 2012 revision, marking a 500% increase. However, in the 2017 revision, the value adjusted to Rs 201 per sq.ft, representing a decrease of 33%. The guideline value then rose again to Rs 300 per sq.ft in the 2023 revision, remaining unchanged in the 2024 revision.

From 2017 to 2023, there was an increase of 49%, and overall, from 2007 to 2024, the guideline value has increased by 500%. The register has no figures for the revisions in 2002 and 2003 for this street.

Guideline values in Mevaloorkuppam

In Mevaloorkuppam, there are 69 streets under the Sriperumpudur SRO that carry a 2024 guideline value, ranging from Rs 200 to Rs 2,400 per sq.ft, with the median being Rs 400 per sq.ft. The guideline value of Venkateswara Nagar - II is below this median.

• Venkateswara Nagar: Rs 300 per sq.ft (2024)
• Vasan Nagar: Rs 400 per sq.ft (2024)
• Vinayagar Koil Street: Rs 300 per sq.ft (2024)
• Thiruvalluvar Street: Rs 300 per sq.ft (2024)
• Sun Tech Co-op City: Rs 900 per sq.ft (2024)
• Subasree Nagar: Rs 300 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Nagar - II

For a 1,000 sq.ft plot at the current rate of Rs 300 per sq.ft, the guideline value totals Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, bringing the total to Rs 27,000. 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 Venkateswara Nagar - II?

The Sub Registrar Office that covers Venkateswara Nagar - II is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Mevaloorkuppam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration laws.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the property's assessed value, which is essential for maintaining public services and infrastructure.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar - II?

The current guideline value of Venkateswara Nagar - II is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, starting from Rs 50 per sq.ft in 2007 to Rs 300 per sq.ft in 2012, then decreasing to Rs 201 per sq.ft in 2017, and remaining at Rs 300 per sq.ft in 2023 and 2024.

Which office handles registrations for Venkateswara Nagar - II?

The Sriperumpudur Sub Registrar Office handles registrations for Venkateswara Nagar - II, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

What are the other streets in Mevaloorkuppam with guideline values?

Other streets in Mevaloorkuppam include Vasan Nagar at Rs 400 per sq.ft, Vinayagar Koil Street at Rs 300 per sq.ft, Thiruvalluvar Street at Rs 300 per sq.ft, Sun Tech Co-op City at Rs 900 per sq.ft, and Subasree Nagar at Rs 300 per sq.ft.

How is the stamp duty calculated for properties in Venkateswara Nagar - II?

Stamp duty for properties in Venkateswara Nagar - II is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot valued at Rs 300 per sq.ft would incur a stamp duty of Rs 21,000.