Guideline Value for Venkateswara Nagar 1st Street

Venkateswara Nagar 1st Street guideline value

The current guideline value of Venkateswara Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Koyakbedu village under the AnnaNagar SRO, classified as Residential Class I Type - III.

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

In the 2007 revision, the guideline value was Rs 1,500 per sq.ft. This increased to Rs 3,000 per sq.ft in the 2012 revision, marking a 100% rise. However, in the 2017 revision, the value decreased to Rs 2,010 per sq.ft, reflecting a decline of 33% from the previous figure. The 2023 revision saw an increase to Rs 3,000 per sq.ft, followed by a further increase to Rs 3,300 per sq.ft in the 2024 revision, which is a 10% rise.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 120%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Koyakbedu

Koyakbedu village has 270 streets under the AnnaNagar SRO, with a 2024 guideline value range from Rs 2,200 to Rs 16,500 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Venkateswara Nagar 1st Street below this median.

• Venkateswara Nagar 2nd Main Road: Rs 5,500 per sq.ft (2024)
• Venkateswara Nagar 2nd Street: Rs 5,500 per sq.ft (2024)
• Venkateswara Nagar 3rd Main Road: Rs 5,500 per sq.ft (2024)
• Venkateswara Nagar: Rs 5,500 per sq.ft (2024)
• Venkateswara Nagar Extension: Rs 5,500 per sq.ft (2024)
• Venkateswara Nagar Extension I and II: Rs 5,500 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 rate, the guideline value is Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. 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 1st Street?

The AnnaNagar Sub Registrar Office covers Venkateswara Nagar 1st Street. The office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Koyakbedu. It is used to determine the stamp duty and registration fees when buying or selling property, ensuring that the transaction is registered at a fair value as per government regulations.

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 process helps maintain transparency and accountability in real estate transactions.

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 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 1,500 per sq.ft in 2007, increasing to Rs 3,300 per sq.ft in 2024, with notable fluctuations in between.

What is the registration office for Venkateswara Nagar 1st Street?

The registration office for Venkateswara Nagar 1st Street is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Koyakbedu?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 33,00,000, the stamp duty at 7% would be Rs 2,31,000.

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

Venkateswara Nagar 1st Street is classified as Residential Class I Type - III, indicating its designation for residential purposes under the local regulations.