Guideline Value for Venkateswara Nagar 2nd Street

Venkateswara Nagar 2nd Street guideline value

The current guideline value of Venkateswara Nagar 2nd Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Neelankarai village, falling under the Neelankarai SRO, and is classified as Residential Class III 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 2002, the value was Rs 113 per sq.ft, which increased to Rs 123 per sq.ft in 2003. Following this, there was a significant rise to Rs 500 per sq.ft in 2007, and then it further increased to Rs 1,500 per sq.ft in 2012. However, there was a decrease to Rs 1,005 per sq.ft in 2017. The value then rose to Rs 1,500 per sq.ft in 2023, and the most recent revision in 2024 set the guideline value at Rs 1,700 per sq.ft.

In terms of percentage changes, the guideline value increased by 9% from 2002 to 2003, 307% from 2003 to 2007, 200% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then increased by 49% from 2017 to 2023. The jump from 2023 to 2024 was 13%. Overall, from 2002 to 2024, the guideline value has increased by 1,404%.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Venkateswara Nagar 2nd Street's 2024 figure below this median.

• Venkateswara Nagar 3rd Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 1st Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 1st Main Road: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 5th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 6th Street: Rs 1,700 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 rate of Rs 1,700 per sq.ft, the 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, totaling Rs 1,53,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkateswara Nagar 2nd Street?

The Venkateswara Nagar 2nd 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 information.

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

The guideline value is a crucial factor when registering a property in Neelankarai. It serves as a benchmark for calculating the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold or purchased, the guideline value is used to determine the minimum value at which the property can be registered. This ensures that the transaction is officially recorded and that the appropriate taxes are collected by the government.

Frequently asked questions

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

The current guideline value of Venkateswara Nagar 2nd 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 significantly over the years, from Rs 113 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, marking an overall increase of 1,404% since 2002.

What are the other streets in Neelankarai with the same guideline value?

Other streets in Neelankarai with the same guideline value of Rs 1,700 per sq.ft for 2024 include Venkateswara Nagar 1st Street, Venkateswara Nagar 3rd Street, Venkateswara Nagar 4th Street, Venkateswara Nagar 1st Main Road, Venkateswara Nagar 5th Street, and Venkateswara Nagar 6th Street.

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

When buying property in Venkateswara Nagar 2nd Street, you will incur a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Venkateswara Nagar 2nd Street?

The Sub Registrar Office covering Venkateswara Nagar 2nd Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.