Guideline Value for Venugopal Nagar (Ward-02)

Venugopal Nagar (Ward-02) guideline value

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

How the guideline value of Venugopal Nagar (Ward-02) has changed

Over the years, the guideline value for Venugopal Nagar (Ward-02) has seen several revisions. The register has no figure for this street for the years 2002, 2003, 2007, 2012, and 2017. The most recent figures are Rs 1,200 per sq.ft from the 2023 revision and Rs 1,300 per sq.ft from the 2024 revision, marking an increase of 8% from the previous year.

The 2023 revision showed a guideline value of Rs 1,200 per sq.ft, while the 2024 revision increased this to Rs 1,300 per sq.ft. This change reflects the adjustments made in the guideline values across various properties in the region.

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, indicating that Venugopal Nagar (Ward-02)'s 2024 figure is below this median.

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

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, leading to a total of 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venugopal Nagar (Ward-02)?

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

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

The guideline value plays a crucial role when buying or selling property in Madhavaram. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is registered, the guideline value is considered for calculating the applicable duties. This ensures that the transaction is recorded accurately and helps in maintaining transparency in property dealings.

Frequently asked questions

What is the current guideline value of Venugopal Nagar (Ward-02)?

The current guideline value of Venugopal Nagar (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 changed from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, reflecting an increase of 8%. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Venugopal Nagar (Ward-02)?

Venugopal Nagar (Ward-02) 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 Madhavaram Sub Registrar Office?

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

How is the stamp duty calculated in Venugopal Nagar (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 valued at Rs 13,00,000 would incur a stamp duty of Rs 91,000 at 7%.