Guideline Value for Venkateswara nagar

Venkateswara nagar guideline value

The current guideline value of Venkateswara nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Thirumazhisai village under the Poonamallee SRO and is classified as Residential Special Type - I.

How the guideline value of Venkateswara nagar has changed

Over the years, the guideline value of Venkateswara nagar has seen significant changes. In the 2007 revision, the value was Rs 150 per sq.ft, which increased dramatically to Rs 1,000 per sq.ft in 2012, marking a rise of 567%. However, it decreased to Rs 670 per sq.ft in 2017, a drop of 33%. The value then rose again to Rs 1,000 per sq.ft in 2023, followed by a further increase to the current rate of Rs 1,100 per sq.ft in 2024, reflecting a 10% increase.

The guideline value register does not have figures for the years 2002 and 2003 for this street. From 2017 to 2023, the increase was 49%, leading to the current overall increase of 633% from 2007 to 2024.

Guideline values in Thirumazhisai

In Thirumazhisai, there are 86 streets under the Poonamallee SRO that carry a 2024 guideline value ranging from Rs 730 to Rs 3,500 per sq.ft. The median guideline value for these streets is Rs 1,320 per sq.ft, placing Venkateswara nagar's 2024 figure below that median.

• Venus Avenue: Rs 1,100 per sq.ft (2024)
• Venus nagar: Rs 1,100 per sq.ft (2024)
• Venus nagar verivakkam: Rs 1,100 per sq.ft (2024)
• Veetrirundha perumal koil street: Rs 1,100 per sq.ft (2024)
• Vasa nagar: Rs 1,100 per sq.ft (2024)
• Vaithee Nagar: Rs 1,320 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 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, while the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, 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 Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Thirumazhisai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are necessary for the legal transfer of ownership. This ensures transparency and compliance with local regulations during the property transaction process.

Frequently asked questions

What is the current guideline value of Venkateswara nagar?

The current guideline value of Venkateswara nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting at Rs 150 per sq.ft in 2007 and rising to Rs 1,100 per sq.ft in 2024, marking an overall increase of 633% since 2007.

What is the land classification of Venkateswara nagar?

Venkateswara nagar is classified as Residential Special Type - I, indicating its designated use for residential purposes.

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

The Sub Registrar Office for Venkateswara nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

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. For example, for a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 at 7%.