Guideline Value for Venugopal Nagar

Venugopal Nagar guideline value

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

How the guideline value of Venugopal Nagar has changed

The guideline value for Venugopal Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then decreased to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,200 per sq.ft in the 2023 revision, and currently stands at Rs 1,300 per sq.ft from the 2024 revision. Notably, the register has no figures for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, there was a significant increase of 49%. The transition from 2023 to 2024 reflects an 8% increase. Overall, comparing the values from 2012 to 2024, there is a modest increase of 8%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing the guideline value of Venugopal Nagar below this median.

• Venugopal 2nd Street: Rs 1,300 per sq.ft (2024)
• Venugopal 1st Street: Rs 1,300 per sq.ft (2024)
• Venugopal Nagar 1st Street: Rs 1,300 per sq.ft (2024)
• Venugopal Nagar 2nd Street: Rs 1,300 per sq.ft (2024)
• Venugopal Nagar 3rd street: Rs 1,300 per sq.ft (2024)
• Venugopal Nagar Extn.: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Venugopal 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 at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost for these fees to Rs 1,17,000. It is important to note that 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 further calculations.

Which Sub Registrar Office covers Venugopal Nagar?

The Sub Registrar Office that covers Venugopal Nagar is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone.

For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process of properties in Chembakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value is essential for calculating the stamp duty and registration fees, which are mandatory costs associated with property transactions. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Venugopal Nagar?

The current guideline value of Venugopal Nagar 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 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and currently stands at Rs 1,300 per sq.ft in 2024.

What is the median guideline value in Chembakkam?

The median guideline value for streets in Chembakkam is Rs 2,200 per sq.ft, which is higher than the current value of Venugopal Nagar.

What are the stamp duty and registration fees for properties in Venugopal Nagar?

For a 1,000 sq.ft property at the guideline value, the total stamp duty would be Rs 91,000, and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Where is the Sub Registrar Office for Venugopal Nagar located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.