Guideline Value for VENKATACHALAM STREET

Venkatachalam Street guideline value

The current guideline value of Venkatachalam Street, located in Medavakkam village, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Venkatachalam Street has changed

The guideline value for Venkatachalam Street has seen several revisions over the years. In 2002, the value was Rs 71 per sq.ft, which increased to Rs 83 per sq.ft in 2003, marking a change of +17%. The value then rose significantly to Rs 300 per sq.ft in 2007, reflecting a substantial increase of +261%. After this, the guideline value jumped to Rs 2,000 per sq.ft in 2012, which was a remarkable increase of +567% from the previous revision. However, it dropped to Rs 1,340 per sq.ft in 2017, a decrease of -33%.

From 2017, the guideline value increased to Rs 2,000 per sq.ft in 2023, showing a growth of +49%. The latest revision in 2024 set the value at Rs 2,200 per sq.ft, which is an increase of +10% from the previous year. There are no figures available for the revisions in years not listed in the register.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft, with the median value being Rs 2,200 per sq.ft. Venkatachalam Street's 2024 guideline value aligns with this median.

• Venkatesan Street: Rs 2,200 per sq.ft (2024)
• Vellakkal Ramadoss Street: Rs 2,200 per sq.ft (2024)
• Vellaikkal: Rs 2,200 per sq.ft (2024)
• Velavan Street: Rs 2,750 per sq.ft (2024)
• Velachery Main Road 4th Cross Street: Rs 4,950 per sq.ft (2024)
• Velachery Main Road 3rd Cross Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatachalam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 information.

Which Sub Registrar Office covers Venkatachalam Street?

The Sub Registrar Office that covers Venkatachalam Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

When buying or selling property in Medavakkam, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. This value serves as a reference point for the official registration process and is essential for calculating the total costs involved in the property transfer.

It is crucial for buyers and sellers to be aware of the current guideline value, as it impacts the overall expenses related to property transactions. Accurate knowledge of this value ensures that all parties involved can prepare for the financial implications of registering a property in Medavakkam.

Frequently asked questions

What is the current guideline value of Venkatachalam Street?

The current guideline value of Venkatachalam Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 71 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing an overall increase of +2999% across the revisions.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles the registration for Venkatachalam Street?

The Chennai South Joint I Sub Registrar Office handles the registration for Venkatachalam Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

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

The guideline value is essential for calculating stamp duty and registration fees during property transactions. It serves as a reference point for the official registration process, ensuring that all financial obligations are met by the parties involved.