Guideline Value for Venu Nagar (Ward-08)

Venu Nagar (Ward-08) guideline value

The current guideline value of Venu Nagar (Ward-08) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Venu Nagar (Ward-08) has changed

Over the years, the guideline value for Venu Nagar has undergone several revisions. The 2012 revision recorded a guideline value of Rs 1,200 per sq.ft. This figure remained unchanged in the 2023 revision, which also recorded Rs 1,200 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, marking an 8% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing Venu Nagar's 2024 figure below this median.

• Venu Nagar: Rs 1,300 per sq.ft (2024)
• Venu Nagar (Ward-2): Rs 1,300 per sq.ft (2024)
• Venugopal Nagar ( Ward No.8 ): Rs 1,300 per sq.ft (2024)
• Venugopal Nagar (Ward-09): Rs 1,300 per sq.ft (2024)
• Venugopal Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• Venus Nagar: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Venu Nagar (Ward-08)

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. It is important to note that 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 details.

Which Sub Registrar Office covers Venu Nagar (Ward-08)?

The Sub Registrar Office that covers Venu Nagar (Ward-08) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are recorded fairly and transparently.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which helps in maintaining the integrity of property transactions.

Frequently asked questions

What is the current guideline value of Venu Nagar (Ward-08)?

The current guideline value of Venu Nagar (Ward-08) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2012, the guideline value has increased by 8%, from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024. The value remained unchanged between 2012 and 2023.

What is the land classification of Venu Nagar (Ward-08)?

Venu Nagar (Ward-08) is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Venu Nagar (Ward-08)?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 13,00,000, the total fees would amount to Rs 1,17,000.

Which office handles registrations for Venu Nagar (Ward-08)?

The Madhavaram Sub Registrar Office handles registrations for Venu Nagar (Ward-08), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.