Guideline Value for VENKATACHALA MUDALI 2ND STREET

Venkatachala Mudali 2nd Street guideline value

The current guideline value of Venkatachala Mudali 2nd 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 falls under the Residential Class IV Type - III land classification.

How the guideline value of Venkatachala Mudali 2nd Street has changed

The guideline value for Venkatachala Mudali 2nd Street has seen significant changes over the years. In 2002, the value was Rs 1,058 per sq.ft, which increased to Rs 1,176 per sq.ft in 2003, marking an 11% rise. The value then experienced a substantial increase of 453% to reach Rs 6,500 per sq.ft in 2012. This figure remained unchanged until the 2023 revision, which also recorded Rs 6,500 per sq.ft.

In 2024, the guideline value was revised to Rs 7,100 per sq.ft, reflecting a 9% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 571%. It is important to note that there are no figures available for the years 2007 and 2017 in the register for this street.

Guideline values in Mylapore

Mylapore has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft as of 2024. The median guideline value in the village is Rs 8,800 per sq.ft, placing Venkatachala Mudali 2nd Street's 2024 figure below this median.

• Venkatachala Mudali 1st 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 2nd 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 fees to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Venkatachala Mudali 2nd Street?

The Sub Registrar Office that covers Venkatachala Mudali 2nd 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It is used to determine the stamp duty and registration fees that are applicable during the transaction. The guideline value ensures that the property is assessed fairly based on the prevailing rates in the area.

When a property is sold, the buyer must pay stamp duty on the higher of the guideline value or the sale price. This mechanism helps maintain transparency and ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Venkatachala Mudali 2nd Street?

The current guideline value of Venkatachala Mudali 2nd 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, marking an overall increase of 571% over the years.

What are the stamp duty and registration fees for this street?

For a plot of 1,000 sq.ft at the current guideline value, the total guideline value is 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 Sub Registrar Office covers Venkatachala Mudali 2nd Street?

The Mylapore Sub Registrar Office covers Venkatachala Mudali 2nd Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Venkatachala Mudali 2nd Street?

Venkatachala Mudali 2nd Street is classified as Residential Class IV Type - III according to the current land classification.