Guideline Value for Venkateswara Nagar 8th Street

Venkateswara Nagar 8th Street guideline value

The current guideline value of Venkateswara Nagar 8th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Venkateswara Nagar 8th Street has changed

The guideline value for Venkateswara Nagar 8th Street has undergone several revisions over the years. The oldest recorded revision is from 2007, where the guideline value was Rs 1,000 per sq.ft. This figure increased significantly to Rs 3,000 per sq.ft in the 2012 revision, marking a 200% increase. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, which is a 10% increase from the 2012 figure.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 230%. It is important to note that there are no figures available for the years 2002, 2003, 2017, and 2023 in the register for this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, which aligns with the current value for Venkateswara Nagar 8th Street.

• Venkateswara Nagar 9th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Nagar 6th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Nagar 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Nagar 8th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkateswara Nagar 8th Street?

The Sub Registrar Office that covers Venkateswara Nagar 8th Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is 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 8th Street?

The current guideline value of Venkateswara Nagar 8th Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, a total increase of 230%. The value was Rs 3,000 per sq.ft in 2012.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where is the Sub Registrar Office for Venkateswara Nagar 8th Street?

The Sub Registrar Office for Venkateswara Nagar 8th Street is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the guideline value determined for property transactions?

The guideline value is determined by the Registration Department and serves as a benchmark for calculating stamp duty and registration fees during property transactions. It is based on various factors, including land classification and location.