Guideline Value for Venu St (Ward-02)

Venu St (Ward-02) guideline value

The current guideline value of Venu St (Ward-02) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram Sub Registrar Office (SRO). The land classification for this area is Residential Class III Type - I.

How the guideline value of Venu St (Ward-02) has changed

The guideline value for Venu St (Ward-02) has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 1,300 per sq.ft, an increase of 8% from the 2023 revision of Rs 1,200 per sq.ft. The 2012 revision also recorded a value of Rs 1,200 per sq.ft, indicating that there was no change from 2012 to 2023.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2017 in the register 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 that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Venu St (Ward-02) is below this median value.

• Venus Nagar Main Road (Ward No.26): Rs 1,600 per sq.ft (2024)
• Venus Nagar, Lakshmipuram (Ward-26): Rs 1,600 per sq.ft (2024)
• Venus Nagar: Rs 1,600 per sq.ft (2024)
• Venu Nagar (Ward-2): Rs 1,300 per sq.ft (2024)
• Venu Nagar (Ward-08): Rs 1,300 per sq.ft (2024)
• Venu Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venu St (Ward-02)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to 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. Please note that the 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 precise calculations.

Which Sub Registrar Office covers Venu St (Ward-02)?

The Sub Registrar Office that covers Venu St (Ward-02) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Madhavaram. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal and financial obligations.

When a property transaction occurs, the guideline value is considered the baseline for calculating these fees. It is important to note that the higher of the guideline value or the sale price will be used for this calculation, ensuring that the appropriate fees are collected.

Frequently asked questions

What is the current guideline value of Venu St (Ward-02)?

The current guideline value of Venu St (Ward-02) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, marking an 8% increase. There was no change in the value from 2012 to 2023, remaining at Rs 1,200 per sq.ft.

What is the land classification of Venu St (Ward-02)?

Venu St (Ward-02) is classified as Residential Class III Type - I. This classification is important for determining the applicable guidelines and regulations for property transactions.

Where can I find the Sub Registrar Office for Venu St (Ward-02)?

The Sub Registrar Office for Venu St (Ward-02) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all property registrations in the area.

How is stamp duty calculated for properties in Venu St (Ward-02)?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 13,00,000 would incur a stamp duty of Rs 91,000 at the rate of 7%.