Guideline Value for Venkateswara Nagar 7th Street

Venkateswara Nagar 7th Street guideline value

The current guideline value of Venkateswara Nagar 7th 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 7th Street has changed

In the 2012 revision, the guideline value was set at Rs 1,500 per sq.ft. This figure was followed by a decrease to Rs 1,005 per sq.ft in the 2017 revision. The 2023 revision saw a significant increase to Rs 1,500 per sq.ft, which then rose again to Rs 1,700 per sq.ft in the 2024 revision, marking a 13% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 13%. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

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 in this area is Rs 2,200 per sq.ft, placing Venkateswara Nagar 7th Street's 2024 figure below that median.

• Venkateswara Nagar 6th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 8th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 5th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar (Canal): Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 3rd Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Nagar 7th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total 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, bringing the total to 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkateswara Nagar 7th Street?

The Sub Registrar Office that covers Venkateswara Nagar 7th 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 more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Neelankarai. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in accordance with government regulations.

When registering a property, the guideline value will be compared with the sale price, and the higher of the two will be used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar 7th Street?

The current guideline value of Venkateswara Nagar 7th 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 seen several revisions: it was Rs 1,500 per sq.ft in 2012, decreased to Rs 1,005 per sq.ft in 2017, and then increased to Rs 1,500 per sq.ft in 2023, before rising to Rs 1,700 per sq.ft in 2024.

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 in 2024 include Venkateswara Nagar 6th Street, Venkateswara Nagar 8th Street, Venkateswara Nagar 5th Street, Venkateswara Nagar (Canal), Venkateswara Nagar 4th Street, and Venkateswara Nagar 3rd Street.

How is stamp duty calculated for properties in Venkateswara Nagar 7th Street?

Stamp duty for properties in Venkateswara Nagar 7th Street is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 1,19,000.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. This office handles the registration of properties in the area.