Guideline Value for Venkateswara Nagar 1st Street

Venkateswara Nagar 1st Street guideline value

The current guideline value of Venkateswara Nagar 1st Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street 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 1st Street has changed

The guideline value for Venkateswara Nagar 1st Street has undergone several revisions over the years. In 2002, the guideline value was Rs 113 per sq.ft. This increased to Rs 123 per sq.ft in 2003, marking a 9% rise. The value then saw a substantial increase to Rs 500 per sq.ft in 2007, which was a 307% change. Following this, the guideline value rose dramatically to Rs 1,500 per sq.ft in 2012, reflecting a 200% increase.

From 2012 to 2017, however, the guideline value decreased to Rs 1,005 per sq.ft, a drop of 33%. The value then increased significantly to Rs 1,500 per sq.ft in 2023, which was a 49% rise. The most recent revision in 2024 saw the guideline value reach Rs 1,700 per sq.ft, representing a 13% increase from the previous year.

Guideline values in Neelankarai

In Neelankarai village, there are 377 streets under the Neelankarai SRO with a guideline value for 2024 ranging from Rs 1,000 to Rs 10,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Venkateswara Nagar 1st Street is below this median.

• Venkateswara Nagar 1st Main Road: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 2nd Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 3rd Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 5th Street: Rs 1,700 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 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, bringing the total fees together to Rs 1,53,000. It is important to note that 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 information.

Which Sub Registrar Office covers Venkateswara Nagar 1st Street?

The Venkateswara Nagar 1st Street falls under 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 during the registration of property transactions in Neelankarai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, both parties need to be aware of the guideline value, as it affects the financial obligations during the transaction. The guideline value helps maintain transparency and fairness in property dealings within the region.

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 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed 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 the years.

What is the stamp duty for property in Venkateswara Nagar 1st Street?

The stamp duty for property in Venkateswara Nagar 1st Street is 7% of the guideline value or the sale price, whichever is higher.

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 does the guideline value impact property transactions?

The guideline value impacts property transactions by determining the minimum registration value, which in turn affects the stamp duty and registration fees payable during the sale or purchase of property.