Guideline Value for VENKATACHALA MUDALI 1ST STREET

Venkatachala Mudali 1st Street guideline value

The current guideline value of Venkatachala Mudali 1st Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class IV Type - III.

How the guideline value of Venkatachala Mudali 1st Street has changed

The guideline value for Venkatachala Mudali 1st Street has undergone several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 1,058 per sq.ft. This increased to Rs 1,176 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, which was a 453% increase from the 2003 figure. However, in 2017, the value dropped to Rs 4,355 per sq.ft, reflecting a decrease of 33% from 2012. The guideline value rose again to Rs 6,500 per sq.ft in 2023, and finally reached Rs 7,100 per sq.ft in 2024, representing a 9% increase from the previous year.

It is important to note that there is no figure available for the year 2007 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 571%.

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. The guideline value of Venkatachala Mudali 1st Street is below this median.

• Venkatachala Mudali 2nd Street: Rs 7,100 per sq.ft (2024)
• Venkatachalamudali Street: Rs 9,300 per sq.ft (2024)
• Venkatachala Street: Rs 7,100 per sq.ft (2024)
• Venkatakrishna Iyer Road: Rs 13,200 per sq.ft (2024)
• Venkatakrishna Lane: Rs 7,100 per sq.ft (2024)
• Venkatasamy Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatachala Mudali 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total cost of duty and fees to Rs 6,39,000. 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 Venkatachala Mudali 1st Street?

The Sub Registrar Office that covers Venkatachala Mudali 1st 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 calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two values is used to determine the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Venkatachala Mudali 1st Street?

The current guideline value of Venkatachala Mudali 1st 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 1,058 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 571% over the years.

What is the guideline value for other streets in Mylapore?

Other streets in Mylapore have varying guideline values. For example, Venkatachalamudali Street has a value of Rs 9,300 per sq.ft, while Venkatasamy Lane is at Rs 3,300 per sq.ft (2024).

What fees are associated with buying property on Venkatachala Mudali 1st Street?

The fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total cost of duty and fees would be Rs 6,39,000.

Where can I find my Sub Registrar Office?

You can find your Sub Registrar Office by visiting the Mylapore Sub Registrar Office located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. More information is available through the provided link.