Guideline Value for Venkateswara Nagar 3rd Street

Venkateswara Nagar 3rd Street guideline value

The current guideline value of Venkateswara Nagar 3rd Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO and falls under the Residential Class II Type - I land classification.

How the guideline value of Venkateswara Nagar 3rd Street has changed

The guideline value for Venkateswara Nagar 3rd Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,005 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in the 2023 revision. The latest revision in 2024 has further raised the guideline value to Rs 1,600 per sq.ft, marking a 7% increase from the previous year and a total increase of 59% from 2017.

There are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. The 2024 figure represents a substantial increase of 49% from the 2017 figure, demonstrating a consistent upward trend in the guideline value over the years.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which is equal to the current guideline value of Venkateswara Nagar 3rd Street.

• Venkateswara Nagar 4th Street: Rs 1,600 per sq.ft (2024)
• Venkateswara Nagar 5th Street: Rs 1,600 per sq.ft (2024)
• Venkateswara Nagar 2nd st ( Ward No.9 ): Rs 1,600 per sq.ft (2024)
• Venkateswara Nagar 2nd Street: Rs 1,600 per sq.ft (2024)
• Venkateswara Nagar 6th Street: Rs 1,600 per sq.ft (2024)
• Venkateswara Nagar 1st st ( Ward No.9 ): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Nagar 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, leading to a total of Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating your fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkateswara Nagar 3rd Street?

The Venkateswara Nagar 3rd Street falls under the jurisdiction of the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar 3rd Street?

The current guideline value of Venkateswara Nagar 3rd Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,005 per sq.ft in 2017 to Rs 1,600 per sq.ft in 2024, marking a total increase of 59% over this period.

What is the stamp duty for property in Venkateswara Nagar 3rd Street?

The stamp duty for property in Venkateswara Nagar 3rd Street is 7% of the guideline value or sale price, whichever is higher.

What is the registration fee for property transactions in this area?

The registration fee for property transactions in Venkateswara Nagar 3rd Street is 2% of the guideline value or sale price, whichever is higher.

Which office handles registrations for Venkateswara Nagar 3rd Street?

The Madhavaram Sub Registrar Office handles registrations for Venkateswara Nagar 3rd Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.