Guideline Value for Venus Nagar

Venus Nagar guideline value

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

How the guideline value of Venus Nagar has changed

The guideline value for Venus Nagar has undergone several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft. This figure decreased to Rs 1,005 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, before rising again to the current rate of Rs 1,600 per sq.ft in 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value saw a substantial increase of 49%. The overall change from 2012 to 2024 is an increase of 7%.

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 value for these streets is Rs 1,600 per sq.ft, which matches the current guideline value for Venus Nagar.

• Venus Nagar, Lakshmipuram (Ward-26): Rs 1,600 per sq.ft (2024)
• 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)
• 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

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 fees 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.

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

Which Sub Registrar Office covers Venus Nagar?

The Sub Registrar Office that covers Venus Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with legal requirements during property transfers.

When a property is sold, the guideline value helps establish the minimum price for which the property can be registered. This ensures that the transaction is recorded accurately and that the appropriate taxes are levied based on the established guideline value.

Frequently asked questions

What is the current guideline value of Venus Nagar?

The current guideline value of Venus Nagar 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, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the registration office for Venus Nagar?

The registration office for Venus Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What are the stamp duty rates in Venus Nagar?

The stamp duty rate in Venus Nagar is 7% of the guideline value or the sale price, whichever is higher.

How many streets are there in Madhavaram under the SRO?

There are 1,946 streets in Madhavaram under the Madhavaram SRO that carry a 2024 guideline value.