Guideline Value for Venus Colony

Venus Colony guideline value

The current guideline value of Venus Colony, located in Velachery village, is Rs 3,850 per sq.ft, effective from 1 July 2024. This area falls under the Velacheri SRO and is classified as Residential Class II Type - III.

How the guideline value of Venus Colony has changed

The guideline value for Venus Colony has undergone several revisions over the years. The earliest recorded revision was in 2012, where the value was Rs 3,500 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 2,345 per sq.ft. Following this, the 2023 revision increased the value to Rs 3,500 per sq.ft, and the latest revision in 2024 raised it further to Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

In terms of percentage changes, the guideline value rose by 49% from 2017 to 2023. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Venus Colony's 2024 figure below this median.

• Venus Colony 1st Avenue: Rs 3,850 per sq.ft (2024)
• Venus Colony 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Venus Colony 1st Main Road: Rs 3,850 per sq.ft (2024)
• Venus Colony 1st Street: Rs 3,850 per sq.ft (2024)
• Venus Colony 2nd Avenue: Rs 3,850 per sq.ft (2024)
• Venus Colony 2nd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Venus Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to 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 details.

Which Sub Registrar Office covers Venus Colony?

The Sub Registrar Office that covers Venus Colony is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps establish a fair transaction price, as it reflects the prevailing market conditions. Buyers and sellers must consider this value to avoid potential legal issues during the registration process.

Frequently asked questions

What is the current guideline value of Venus Colony?

The current guideline value of Venus Colony is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, which is a 10% increase. It was Rs 2,345 per sq.ft in 2017 and Rs 3,500 per sq.ft in 2012.

What is the land classification of Venus Colony?

Venus Colony is classified as Residential Class II Type - III under the guideline value register.

Where can I find information on stamp duty and registration fees?

Information on stamp duty and registration fees can be calculated using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venus Colony?

The Velacheri Sub Registrar Office covers Venus Colony, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.