Guideline Value for Venus nagar

Venus nagar guideline value

The current guideline value of Venus nagar in Thirumazhisai village, under the Poonamallee SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Venus nagar has changed

The guideline value for Venus nagar has seen several revisions over the years. In 2002, the value was Rs 75 per sq.ft, which increased to Rs 91 per sq.ft in 2003, marking a 21% rise. The value continued to increase significantly, reaching Rs 150 per sq.ft in 2007, a 65% increase from the previous year. By 2012, the value was Rs 1,000 per sq.ft, reflecting a substantial increase of 567% from 2007.

From 2012 to 2017, the guideline value decreased to Rs 670 per sq.ft, a decline of 33%. However, it rebounded to Rs 1,000 per sq.ft in 2023, and the latest revision in 2024 has set the value at Rs 1,100 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1367%.

Guideline values in Thirumazhisai

In Thirumazhisai village, there are 86 streets under the Poonamallee SRO with a 2024 guideline value ranging from Rs 730 to Rs 3,500 per sq.ft. The median value is Rs 1,320 per sq.ft, placing Venus nagar's 2024 figure below that median.

• Venus nagar verivakkam: Rs 1,100 per sq.ft (2024)
• Venus Avenue: Rs 1,100 per sq.ft (2024)
• Venkateswara nagar: Rs 1,100 per sq.ft (2024)
• Veetrirundha perumal koil street: Rs 1,100 per sq.ft (2024)
• Vasa nagar: Rs 1,100 per sq.ft (2024)
• Vaithee Nagar: Rs 1,320 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 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Venus nagar?

The Sub Registrar Office that covers Venus nagar is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. For more information, you can find your SRO.

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

The guideline value is an essential factor in the registration process when buying or selling property in Thirumazhisai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory costs associated with the property transfer. Buyers and sellers must be aware of these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Venus nagar?

The current guideline value of Venus nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 75 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 1367% over this period.

What is the land classification for Venus nagar?

Venus nagar is classified as Residential Special Type - I, which indicates its intended use for residential purposes.

What are the stamp duty rates for properties in Venus nagar?

The stamp duty for properties in Venus nagar is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Venus nagar located?

The Poonamallee Sub Registrar Office, which covers Venus nagar, is located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.