Guideline Value for VENKAT RANGAM PILLAI STREET

Venkat Rangam Pillai Street guideline value

The current guideline value of Venkat Rangam Pillai Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO. The land classification for this area is Residential Class IV Type - III.

How the guideline value of Venkat Rangam Pillai Street has changed

The guideline value for Venkat Rangam Pillai Street has seen several revisions over the years. In 2002, the value was Rs 698 per sq.ft, which increased to Rs 776 per sq.ft in 2003, marking an increase of 11%. The value then saw a significant rise to Rs 6,500 per sq.ft in 2012, representing an increase of 738%. However, from 2012 to 2017, the value decreased by 33% to Rs 4,355 per sq.ft. The most recent revision in 2024 raised the guideline value to Rs 7,100 per sq.ft, reflecting an increase of 63% from the 2017 figure. The register has no figure for this street in 2023 and 2007.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft, with a median value of Rs 8,800 per sq.ft. Venkat Rangam Pillai Street's 2024 guideline value is below this median.

• Venkatraman Street: Rs 8,200 per sq.ft (2024)
• Venkatesapuram Street: Rs 3,300 per sq.ft (2024)
• Venkatesapuram 2nd Street: Rs 3,300 per sq.ft (2024)
• Venkatesapuram 1st Street: Rs 3,300 per sq.ft (2024)
• Venkatesa Agraharam Lane: Rs 7,100 per sq.ft (2024)
• Venkatasamy Street (Near Appu Mudali Street): Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Venkat Rangam Pillai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total to Rs 6,39,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venkat Rangam Pillai Street?

The Sub Registrar Office that covers Venkat Rangam Pillai Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Mylapore. 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, both the buyer and seller must be aware of the guideline value to avoid any discrepancies during registration. The guideline value is also used to calculate the applicable stamp duty and registration fees, which are essential components of the property transaction process.

Frequently asked questions

What is the current guideline value of Venkat Rangam Pillai Street?

The current guideline value of Venkat Rangam Pillai Street is Rs 7,100 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 698 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, representing an overall increase of 917%.

What is the land classification for Venkat Rangam Pillai Street?

Venkat Rangam Pillai Street is classified as Residential Class IV Type - III.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Which office handles property registrations for Venkat Rangam Pillai Street?

The Mylapore Sub Registrar Office handles property registrations for Venkat Rangam Pillai Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.