Guideline Value for Venu Nagar

Venu Nagar guideline value

The current guideline value of Venu Nagar 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 has changed

In the 2012 revision, the guideline value for Venu Nagar was 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.

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

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which means Venu Nagar's 2024 figure is below that median.

• Venu Nagar (Ward-08): 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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty is calculated at 7%, which would be Rs 91,000, and the registration fee is charged at 2%, amounting to Rs 26,000. Together, these fees total Rs 1,17,000. It is important to note that the 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 Venu Nagar?

The Sub Registrar Office that covers Venu Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value at which transactions can be registered, ensuring transparency and standardization in property dealings.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the state government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Venu Nagar?

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

How has the guideline value changed over the years?

From the 2012 revision to the 2024 revision, the guideline value increased from Rs 1,200 per sq.ft to Rs 1,300 per sq.ft, marking an 8% increase. There were no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street.

What is the classification of land in Venu Nagar?

The land classification for Venu Nagar is Residential Class III Type - I. This classification determines the usage and development potential of the land.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles property registrations in the area.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the same. For example, for a property valued at Rs 13,00,000, the total stamp duty and registration fees would amount to Rs 1,17,000.