Guideline Value for Venugopal Nagar ( Ward No.8 )

Venugopal Nagar ( Ward No.8 ) guideline value

The current guideline value of Venugopal Nagar ( Ward No.8 ) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Venugopal Nagar ( Ward No.8 ) has changed

The guideline value for Venugopal Nagar ( Ward No.8 ) has undergone several revisions over the years. The register does not provide figures for the years 2002, 2003, 2007, 2012, and 2017. The most recent revisions show a value of Rs 1,200 per sq.ft in 2023, which increased to Rs 1,300 per sq.ft in 2024, reflecting an 8% rise.

In summary, the guideline value has increased from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024. This increase signifies a notable change in the valuation of properties in this area.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO carrying a guideline value for 2024 ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Venugopal Nagar ( Ward No.8 ) is below this median.

• Venugopal Nagar (Ward-09): Rs 1,300 per sq.ft (2024)
• Venugopal Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• Venugopal Nagar: Rs 1,300 per sq.ft (2024)
• Venu Nagar: Rs 1,300 per sq.ft (2024)
• Venu Nagar (Ward-08): Rs 1,300 per sq.ft (2024)
• Venu Nagar (Ward-2): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venugopal Nagar ( Ward No.8 )

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to 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 the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Venugopal Nagar ( Ward No.8 )?

The Sub Registrar Office that covers Venugopal Nagar ( Ward No.8 ) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value plays a crucial role in property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers must pay these fees based on the guideline value or the actual sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Venugopal Nagar ( Ward No.8 )?

The current guideline value of Venugopal Nagar ( Ward No.8 ) 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 changed from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, reflecting an 8% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of Venugopal Nagar ( Ward No.8 )?

Venugopal Nagar ( Ward No.8 ) is classified as Residential Class III Type - I. This classification indicates the type of development and usage permitted in the area.

Where can I find the Sub Registrar Office for Venugopal Nagar ( Ward No.8 )?

The Sub Registrar Office for Venugopal Nagar ( Ward No.8 ) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Venugopal Nagar ( Ward No.8 )?

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