Guideline Value for Venkateswara Nagar

Venkateswara Nagar guideline value

The current guideline value of Venkateswara Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This locality is situated in Tambaram village, under the Tambaram Joint 1 SRO, and is classified as Residential Class II Type - I.

How the guideline value of Venkateswara Nagar has changed

Over the years, the guideline value of Venkateswara Nagar has seen several revisions. The 2007 revision set the value at Rs 600 per sq.ft, which increased to Rs 1,200 per sq.ft in 2012, marking a 100% rise. However, in 2017, the value dropped to Rs 804 per sq.ft, a decrease of 33%. The value then increased significantly to Rs 1,200 per sq.ft in 2023, and further to Rs 1,320 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the guideline value rose by 49%, culminating in the current value of Rs 1,320 per sq.ft. Overall, from the 2007 revision to the 2024 revision, there has been a total increase of 120%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Venkateswara Nagar is below this median.

• Venkatesa Street: Rs 2,200 per sq.ft (2024)
• Venkatesan Street: Rs 5,500 per sq.ft (2024)
• Venkatesachowdry St: Rs 5,500 per sq.ft (2024)
• Venu Street: Rs 3,300 per sq.ft (2024)
• Vetri Nagar: Rs 3,300 per sq.ft (2024)
• Vetri Nagar 1st St: Rs 3,300 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 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total charges to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information on fees.

Which Sub Registrar Office covers Venkateswara Nagar?

The Sub Registrar Office that covers Venkateswara Nagar is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Tambaram

The guideline value plays a crucial role in the property registration process in Tambaram. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the transaction.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable 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?

The current guideline value of Venkateswara Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 120% over the years.

What are the stamp duty and registration fees for a property in Venkateswara Nagar?

For a property valued at Rs 13,20,000, the stamp duty is Rs 92,400 and the registration fee is Rs 26,400, totaling Rs 1,18,800.

Which Sub Registrar Office covers Venkateswara Nagar?

The Tambaram Joint 1 Sub Registrar Office covers Venkateswara Nagar, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the land classification of Venkateswara Nagar?

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