Guideline Value for Venkateswara Nagar 2nd Street

Venkateswara Nagar 2nd Street guideline value

The current guideline value for Venkateswara Nagar 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Koyakbedu village and falls under the AnnaNagar SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Venkateswara Nagar 2nd Street has changed

The guideline value for Venkateswara Nagar 2nd Street has seen several revisions over the years. In 2007, the guideline value was Rs 1,500 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a 233% rise. However, in 2017, it decreased to Rs 3,350 per sq.ft, reflecting a decline of 33%. The value then rose again to Rs 5,000 per sq.ft in 2023, before reaching the current rate of Rs 5,500 per sq.ft in the 2024 revision, which is a 10% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 revision to the 2024 revision, there has been a substantial increase of 267%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Koyakbedu

In Koyakbedu, there are 270 streets under the AnnaNagar SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 16,500 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for Venkateswara Nagar 2nd Street is above this median.

• Venkateswara Nagar 2nd Main Road: Rs 5,500 per sq.ft (2024)
• Venkateswara Nagar 3rd Main Road: Rs 5,500 per sq.ft (2024)
• Venkateswara Nagar 1st Street: Rs 3,300 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees to Rs 4,95,000. 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 2nd Street?

The Sub Registrar Office that covers Venkateswara Nagar 2nd Street is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By 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 is an essential factor during the registration of property transactions in Koyakbedu. It serves as a benchmark for calculating the stamp duty and registration fees, which are mandatory when buying or selling property. The guideline value ensures that the transaction is recorded at a fair price as determined by the government.

When a property is sold, the buyer must pay the stamp duty based on the higher value between the guideline value and the sale price. This means that if the sale price exceeds the guideline value, the stamp duty will be calculated on the sale price instead.

Frequently asked questions

What is the current guideline value for Venkateswara Nagar 2nd Street?

The current guideline value for Venkateswara Nagar 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 267% over the years.

What are the other streets in Koyakbedu with their guideline values?

Other streets in Koyakbedu include Venkateswara Nagar 2nd Main Road and Venkateswara Nagar 3rd Main Road, both at Rs 5,500 per sq.ft, while Venkateswara Nagar 1st Street is at Rs 3,300 per sq.ft.

What fees are associated with buying property in Venkateswara Nagar 2nd Street?

When buying property, the buyer must pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Venkateswara Nagar 2nd Street located?

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