Guideline Value for Venu Street

Venu Street guideline value

The current guideline value of Venu Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - I.

How the guideline value of Venu Street has changed

The guideline value for Venu Street has seen several revisions over the years. In 2002, the guideline value was Rs 136 per sq.ft. It increased to Rs 171 per sq.ft in 2003, marking a 26% rise. By 2007, the value jumped significantly to Rs 400 per sq.ft, reflecting a 134% increase. The 2012 revision saw a decrease to Rs 3,000 per sq.ft, which was a decline of 33%. In 2017, the value increased to Rs 2,010 per sq.ft, a rise of 49%. The next revision in 2023 set the value at Rs 3,000 per sq.ft, and finally, the current value is Rs 3,300 per sq.ft, representing a 10% increase from the previous year.

There are no figures for the revisions in years other than those listed. The overall change from 2002 to 2024 reflects a substantial increase of 2326% in the guideline value for Venu Street.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 8,250 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the current guideline value of Venu Street.

• Vetri Nagar: Rs 3,300 per sq.ft (2024)
• Vetri Nagar 1st St: Rs 3,300 per sq.ft (2024)
• Vetri Nagar 2nd St: Rs 3,300 per sq.ft (2024)
• Vetri Nagar 3rd St: Rs 3,300 per sq.ft (2024)
• Vetri Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Vgn Mayfield Park Extension: Rs 8,250 per sq.ft (2024)

Stamp duty and registration fee for property in Venu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venu Street?

The Sub Registrar Office that covers Venu Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Tambaram. It is used to determine the stamp duty and registration fees applicable when buying or selling property. The guideline value is set by the government and is periodically revised to reflect changes in the real estate market.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions. It is essential for buyers and sellers to be aware of the current guideline value to accurately calculate these costs.

Frequently asked questions

What is the current guideline value of Venu Street?

The current guideline value of Venu Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 136 per sq.ft in 2002 to the current value of Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 2326%.

What is the land classification for Venu Street?

Venu Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Venu Street?

The Sub Registrar Office for Venu Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated for properties in Tambaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at 7%.