Guideline Value for Venkateswara Nagar

Venkateswara Nagar guideline value

The current guideline value for Venkateswara Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024. This area is located in Padappai village, under the Padappai SRO, and is 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. In 2007, the value was Rs 50 per sq.ft, which dramatically increased to Rs 1,200 per sq.ft in 2012, marking a rise of 2300%. However, it then decreased to Rs 804 per sq.ft in 2017, a drop of 33%. Following this, the guideline value increased to Rs 1,200 per sq.ft in 2023, and then to Rs 1,320 per sq.ft in 2024, reflecting a 10% increase.

From 2017 to 2023, the value rose by 49%. Overall, from 2007 to 2024, the guideline value has increased by 2540%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 4,000 per sq.ft. The median value is Rs 830 per sq.ft, placing Venkateswara Nagar's 2024 figure above that median.

• Vijay Sri Avenue: Rs 990 per sq.ft (2024)
• Vedhachalam Nagar: Rs 1,320 per sq.ft (2024)
• Vedavinayagar Koil Street: Rs 830 per sq.ft (2024)
• Vinayaga Nagar: Rs 830 per sq.ft (2024)
• Vishnu Nagar: Rs 830 per sq.ft (2024)
• Vandalur - Walajabad Road: 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 would be Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, while the registration fee at 2% would be Rs 26,400, bringing the total to Rs 1,18,800. Duty is charged on the higher of the guideline value and 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 Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is an essential factor in property transactions in Padappai, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is mandatory to pay the applicable stamp duty and registration fees based on the guideline value. This ensures that the government receives the necessary revenue from property transactions, and it helps maintain transparency in the real estate market.

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 significantly from Rs 50 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, with various increases and decreases over the years.

What are the registration fees for properties in Venkateswara Nagar?

The registration fees are calculated based on the guideline value. For example, for a property valued at Rs 13,20,000, the registration fee would be Rs 26,400 at 2%.

Which office handles property registrations in Padappai?

The Padappai Sub Registrar Office handles property registrations in Padappai, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum price for property registration and is essential for calculating stamp duty and registration fees during property transactions.