Guideline Value for Venkateswara Nagar 6th Street

Venkateswara Nagar 6th Street guideline value

The current guideline value of Venkateswara Nagar 6th 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 6th Street has changed

In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. This figure increased to Rs 1,500 per sq.ft in the 2023 revision, marking a 25% rise over the eleven-year period. The most recent revision in 2024 saw the guideline value rise to Rs 1,600 per sq.ft, which is a 7% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2017 for Venkateswara Nagar 6th Street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 33%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry 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 6th Street.

• Venkateswara Nagar 5th Street: Rs 1,600 per sq.ft (2024)
• Venkateswara Nagar 4th Street: Rs 1,600 per sq.ft (2024)
• Venkateswara Nagar 3rd Street: Rs 1,600 per sq.ft (2024)
• Venkateswara Nagar 2nd st (Ward No.9): Rs 1,600 per sq.ft (2024)
• Venkateswara Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• Venkateswara Nagar Main Road: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Nagar 6th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to 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 fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkateswara Nagar 6th Street?

The Sub Registrar Office that covers Venkateswara Nagar 6th Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, in the Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices and preparing for registration.

When a property is sold, the registration fee and stamp duty are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar 6th Street?

The current guideline value of Venkateswara Nagar 6th Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

From the 2012 revision of Rs 1,200 per sq.ft to the 2024 revision of Rs 1,600 per sq.ft, the guideline value has increased by 33%. The most recent change from 2023 to 2024 was a 7% increase.

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

Other streets in Madhavaram with the same guideline value of Rs 1,600 per sq.ft include Venkateswara Nagar 5th Street, 4th Street, 3rd Street, 2nd Street (Ward No.9), and Venkateswara Nagar Main Road.

What is the registration fee for properties in Venkateswara Nagar 6th Street?

The registration fee is calculated based on the guideline value or the sale price, whichever is higher. For a property valued at Rs 16,00,000, the registration fee would be Rs 32,000 at a rate of 2%.

Where can I find the Sub Registrar Office for Venkateswara Nagar 6th Street?

The Sub Registrar Office for Venkateswara Nagar 6th Street is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information by visiting the appropriate link.