Guideline Value for Venkateswara Nagar 5th Street

Venkateswara Nagar 5th Street guideline value

The current guideline value of Venkateswara Nagar 5th 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 5th Street has changed

Over the years, the guideline value of Venkateswara Nagar 5th Street has seen significant changes. In the 2002 revision, the value was Rs 113 per sq.ft, which increased to Rs 123 per sq.ft in 2003. The 2007 revision marked a substantial rise to Rs 500 per sq.ft, followed by a dramatic increase to Rs 1,500 per sq.ft in 2012. However, the value dropped to Rs 1,005 per sq.ft in 2017. The 2023 revision saw an increase to Rs 1,500 per sq.ft, and the most recent 2024 revision set the value at Rs 1,700 per sq.ft.

Examining the changes between revisions reveals a notable trend. The increase from 2017 to 2023 was 49%, while the jump from 2023 to 2024 was 13%. The 2007 to 2012 period saw a decrease of 33%, while the earlier 2003 to 2007 period experienced a remarkable increase of 307%. 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 a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, positioning Venkateswara Nagar 5th Street's 2024 figure below that median.

• Venkateswara Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 6th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 3rd Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 7th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 8th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar (Canal): Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Nagar 5th 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, making the total Rs 1,53,000. It is important to note that the 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 5th Street?

The Sub Registrar Office that covers Venkateswara Nagar 5th Street is 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 further assistance.

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

The guideline value is a critical factor in the registration process 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 collects appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property being transacted. It is essential for buyers to be aware of the guideline value to ensure compliance with legal requirements and to avoid disputes during the registration process.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar 5th Street?

The current guideline value of Venkateswara Nagar 5th 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 undergone several revisions, with the most recent increase from Rs 1,500 per sq.ft in 2023 to Rs 1,700 per sq.ft in 2024.

What is the land classification of Venkateswara Nagar 5th Street?

Venkateswara Nagar 5th Street is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for Venkateswara Nagar 5th Street?

The Sub Registrar Office for Venkateswara Nagar 5th Street is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Venkateswara Nagar 5th Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,700 per sq.ft would incur a stamp duty of Rs 1,19,000.