Guideline Value for Venus Nagar, Lakshmipuram (Ward-26)

Venus Nagar, Lakshmipuram (Ward-26) guideline value

The current guideline value of Venus Nagar, Lakshmipuram (Ward-26) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of Venus Nagar, Lakshmipuram (Ward-26) has changed

In the 2012 revision, the guideline value was set at Rs 1,500 per sq.ft. This figure decreased to Rs 1,005 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to the 2024 revision, the guideline value increased significantly to Rs 1,600 per sq.ft, reflecting a rise of 59%. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 7%.

The register has no figures for the years 2023, 2007, 2003, and 2002 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, which is equal to the current value of Venus Nagar.

• Venus Nagar Main Road (Ward No.26): Rs 1,600 per sq.ft (2024)
• Venu St (Ward-02): Rs 1,300 per sq.ft (2024)
• Venus Nagar: Rs 1,600 per sq.ft (2024)
• Venu Nagar (Ward-2): Rs 1,300 per sq.ft (2024)
• Venu Nagar (Ward-08): Rs 1,300 per sq.ft (2024)
• Venu Nagar: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venus Nagar, Lakshmipuram (Ward-26)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. 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 Nagar, Lakshmipuram (Ward-26)?

The Sub Registrar Office covering Venus Nagar, Lakshmipuram (Ward-26) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for additional information.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram. It serves as a benchmark for determining the minimum value of a property, ensuring that transactions are registered at a fair price.

When registering a property, buyers must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the registration process reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Venus Nagar, Lakshmipuram (Ward-26)?

The current guideline value of Venus Nagar, Lakshmipuram (Ward-26) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, and then increased to Rs 1,600 per sq.ft in 2024. This reflects a decrease of 33% from 2012 to 2017, followed by a significant increase of 59% from 2017 to 2024.

What is the land classification for Venus Nagar?

Venus Nagar is classified as Residential Class II 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 for properties in Venus Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000.