Guideline Value for Venkateswara Nagar

Venkateswara Nagar guideline value

The current guideline value of Venkateswara Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Kolapakkam village under the Pammal SRO, classified as Residential Class I Type - I.

How the guideline value of Venkateswara Nagar has changed

The guideline value for Venkateswara Nagar has seen significant changes over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision. The most recent 2024 revision has further raised it to Rs 2,750 per sq.ft, marking a 10% increase from the previous year. Notably, the overall increase from the 2017 revision to the 2024 revision is 64%.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. The increase from 2017 to 2023 was 49%, reflecting a substantial rise in the guideline value over these years.

Guideline values in Kolapakkam

In Kolapakkam, there are 111 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 6,850 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, indicating that Venkateswara Nagar's 2024 figure is above this median.

• Vembuliamman Koil Street: Rs 2,200 per sq.ft (2024)
• VGN LakshmiNagar: Rs 2,200 per sq.ft (2024)
• Vgn Orville: Rs 3,285 per sq.ft (2024)
• Vgn Orvillee Extension-I: Rs 4,600 per sq.ft (2024)
• Vgn Orville Extension II: Rs 4,600 per sq.ft (2024)
• Vijayalakshmi Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateswara Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the 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?

The Sub Registrar Office that covers Venkateswara Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Kolapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, both parties must adhere to the guideline value, as it affects the overall cost of the transaction. This value is used to calculate the stamp duty and registration fees, which are mandatory for legal property transfers.

Frequently asked questions

What is the current guideline value of Venkateswara Nagar?

The current guideline value of Venkateswara Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, marking a 64% overall increase over this period.

What is the land classification of Venkateswara Nagar?

Venkateswara Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in Venkateswara Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 at a rate of 7%.