Guideline Value for Venus Nagar 2nd Street

Venus Nagar 2nd Street guideline value

The current guideline value of Venus Nagar 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village under the Sembiam SRO, classified as Residential Class I Type - I.

How the guideline value of Venus Nagar 2nd Street has changed

The guideline value for Venus Nagar 2nd Street has seen several revisions over the years. In the 2007 revision, the value was set at Rs 700 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in both the 2012 and 2023 revisions. The latest revision in 2024 raised the value to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 371%. Notably, there are no figures available for the years 2002, 2003, and 2017 in the register for this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the current guideline value of Venus Nagar 2nd Street.

• Venus Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Venus Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Vetriah Street: Rs 2,700 per sq.ft (2024)
• Vetri Nagar: Rs 2,700 per sq.ft (2024)
• Vetriselvi Anbazagan Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Vetriselvi Anbazagan Nagar 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venus Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Venus Nagar 2nd Street?

The Sub Registrar Office covering Venus Nagar 2nd Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kolathur, as it determines the minimum price at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

When registering a property, the guideline value is used to calculate applicable stamp duty and registration fees, which are necessary for the legal transfer of property ownership. This ensures that the transaction is officially recorded and recognized by the authorities.

Frequently asked questions

What is the current guideline value of Venus Nagar 2nd Street?

The current guideline value of Venus Nagar 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2007 revision, the guideline value has increased from Rs 700 per sq.ft to Rs 3,300 per sq.ft in 2024, marking an overall increase of 371%.

What is the land classification for Venus Nagar 2nd Street?

Venus Nagar 2nd Street is classified as Residential Class I Type - I under the Sembiam SRO.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in Kolathur?

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 a rate of 7%.