Guideline Value for Venkateswara Nagar

Venkateswara Nagar guideline value

The current guideline value of Venkateswara Nagar, located in Neelankarai village under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Venkateswara Nagar has changed

The guideline value for Venkateswara Nagar has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 113 per sq.ft. It increased to Rs 123 per sq.ft in 2003. Following that, there was a significant rise to Rs 500 per sq.ft in 2007, and then it jumped to Rs 1,500 per sq.ft in 2012. However, the value decreased to Rs 1,005 per sq.ft in 2017. The value saw a notable increase to Rs 1,500 per sq.ft in 2023, and currently, it stands at Rs 1,700 per sq.ft as of the 2024 revision.

In terms of percentage changes, the value increased by 9% from 2002 to 2003, then by 307% from 2003 to 2007. It rose by 200% from 2007 to 2012, but then decreased by 33% from 2012 to 2017. From 2017 to 2023, there was a 49% increase, followed by a 13% rise from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 1,404%.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 10,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. Venkateswara Nagar's 2024 guideline value is below this median.

• Venkateswara Nagar 1st Main Road: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 1st Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 2nd Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 3rd Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 4th Street: Rs 1,700 per sq.ft (2024)
• Venkateswara Nagar 5th Street: Rs 1,700 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 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be 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 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 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 serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When a property is sold, the buyer is required to pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. 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 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 113 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 1,404% over the years.

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

For a 1,000 sq.ft plot, the stamp duty would be Rs 1,19,000, and the registration fee would be Rs 34,000, totaling Rs 1,53,000 based on the current guideline value.

Which office handles property registrations in Venkateswara Nagar?

The Neelankarai Sub Registrar Office handles property registrations for Venkateswara Nagar, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is based on various factors including land classification and market conditions. It is revised periodically to reflect changes in property values in the area.