Guideline Value for Venkateswara Nagar 1st Street

Venkateswara Nagar 1st Street guideline value

The current guideline value of Venkateswara Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Pozhichalur village, under the Pammal SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Venkateswara Nagar 1st Street has changed

The guideline value for Venkateswara Nagar 1st Street has seen several revisions over the years. In the 2017 revision, the value was Rs 1,340 per sq.ft. This increased to Rs 2,000 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, representing a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street.

Guideline values in Pozhichalur

In Pozhichalur, there are 299 streets under the Pammal SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 4,500 per sq.ft. The median guideline value in this area is Rs 1,320 per sq.ft, placing Venkateswara Nagar 1st Street's 2024 figure above this median.

• Venkateswara Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Venkateswara Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Venkateswara Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Venkateswara Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Venkateswara Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Venkateswara Nagar Extn: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is essential 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 detailed calculations.

Which Sub Registrar Office covers Venkateswara Nagar 1st Street?

The Sub Registrar Office that covers Venkateswara Nagar 1st Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. To find more information, you can find your SRO.

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

The guideline value is a critical factor when registering property transactions in Pozhichalur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar 1st Street?

The current guideline value of Venkateswara Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64% over the seven years.

What is the land classification for Venkateswara Nagar 1st Street?

Venkateswara Nagar 1st Street is classified as Commercial Class I Type - I, which indicates its use for commercial purposes.

What are the stamp duty rates applicable?

The stamp duty rate is 7% of the guideline value, while the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Venkateswara Nagar 1st Street?

The Sub Registrar Office for Venkateswara Nagar 1st Street is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone.