Guideline Value for VENKATACHALA STREET

Venkatachala Street guideline value

The current guideline value of Venkatachala 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 Street has changed

Over the years, the guideline value of Venkatachala Street has seen several revisions. The 2012 revision set the value at Rs 6,500 per sq.ft, which was a decrease of 33% from the previous figure of Rs 4,355 per sq.ft in the 2017 revision. The 2023 revision increased the value to Rs 6,500 per sq.ft, and the latest revision in 2024 raised it to Rs 7,100 per sq.ft, marking a 9% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 9%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, which means that Venkatachala Street's 2024 figure is below that median.

• Venkatakrishna Iyer Road: Rs 13,200 per sq.ft (2024)
• Venkatakrishna Lane: Rs 7,100 per sq.ft (2024)
• Venkatachalamudali Street: Rs 9,300 per sq.ft (2024)
• Venkatachala Mudali 2nd Street: Rs 7,100 per sq.ft (2024)
• Venkatachala Mudali 1st Street: 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 Street

For a 1,000 sq.ft plot at the current rate, the 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, totaling 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venkatachala Street?

Venkatachala Street falls under 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 is a crucial factor in property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees that are mandatory for the transaction.

At registration, the authorities will consider the guideline value or the sale price, whichever is higher, to ensure that the appropriate fees are collected. This ensures transparency and helps in maintaining a standard for property transactions in the area.

Frequently asked questions

What is the current guideline value of Venkatachala Street?

The current guideline value of Venkatachala 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 from Rs 6,500 per sq.ft in 2012 to Rs 7,100 per sq.ft in 2024, with various revisions in between, including a significant increase from Rs 4,355 per sq.ft in 2017 to Rs 6,500 per sq.ft in 2023.

What are the stamp duty and registration fees for properties in Venkatachala Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 6,39,000, which includes Rs 4,97,000 for stamp duty and Rs 1,42,000 for registration fees.

Which Sub Registrar Office covers Venkatachala Street?

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

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum value for property registration and is essential for calculating stamp duty and registration fees. It ensures transparency in property transactions and helps maintain a standard in the market.