Guideline Value for Venkateswara Nagar

Venkateswara Nagar guideline value

The current guideline value for Venkateswara Nagar, located in Koyakbedu village under the AnnaNagar SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Venkateswara Nagar has changed

The guideline value for Venkateswara Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 5,000 per sq.ft, which was then reduced to Rs 3,350 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 5,000 per sq.ft in 2023, and finally rose to Rs 5,500 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value saw a substantial increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Koyakbedu

In Koyakbedu, there are 270 streets under the AnnaNagar SRO, with guideline values ranging from Rs 2,200 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Venkateswara Nagar's 2024 figure above this median.

• Venkateswara Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Venkateswara Nagar 2nd Main Road: Rs 5,500 per sq.ft (2024)
• Venkateswara Nagar 2nd Street: Rs 5,500 per sq.ft (2024)
• Venkateswara Nagar 3rd Main Road: Rs 5,500 per sq.ft (2024)
• Venkateswara Nagar Extension: Rs 5,500 per sq.ft (2024)
• Venkateswara Nagar Extension I and II: Rs 5,500 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 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees to Rs 4,95,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Venkateswara Nagar?

The Sub Registrar Office that covers Venkateswara Nagar is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Koyakbedu. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the transaction value. If the sale price is lower than the guideline value, the duty is calculated based on the guideline value, ensuring transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value for Venkateswara Nagar?

The current guideline value for Venkateswara Nagar is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2012 to Rs 3,350 per sq.ft in 2017, then to Rs 5,000 per sq.ft in 2023, and finally to Rs 5,500 per sq.ft in 2024.

What are the guideline values for other streets in Koyakbedu?

Other streets in Koyakbedu have varying guideline values, with some streets like Venkateswara Nagar 2nd Main Road and Venkateswara Nagar 2nd Street also at Rs 5,500 per sq.ft in 2024.

What is the registration fee for property in Venkateswara Nagar?

The registration fee for property in Venkateswara Nagar is calculated based on the guideline value or sale price, whichever is higher. For example, on a 1,000 sq.ft plot, the registration fee would be Rs 1,10,000.

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

The Sub Registrar Office for Venkateswara Nagar is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. You can find more details through the provided link.