Guideline Value for VENKATACHALAMUDALI STREET

Venkatachalamudali Street guideline value

The current guideline value of Venkatachalamudali Street is Rs 9,300 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 III Type - II land classification.

How the guideline value of Venkatachalamudali Street has changed

The guideline value for Venkatachalamudali Street has seen several revisions over the years. In 2002, the value was Rs 1,635 per sq.ft, which increased to Rs 1,816 per sq.ft in 2003, marking an increase of 11%. By 2007, the value rose significantly to Rs 1,950 per sq.ft, reflecting a 7% increase. The 2012 revision saw a substantial jump to Rs 8,500 per sq.ft, representing a remarkable increase of 336%. However, in 2017, the value decreased to Rs 5,695 per sq.ft, a decline of 33%. The value then increased to Rs 8,500 per sq.ft in 2023 and further to Rs 9,300 per sq.ft in 2024, marking a 9% increase.

Overall, from 2002 to 2024, the guideline value has increased by 469%. The register has no figure for the years not mentioned in the revisions.

Guideline values in Mylapore

In Mylapore village, 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. The median guideline value for these streets is Rs 8,800 per sq.ft, positioning Venkatachalamudali Street's 2024 figure above this median.

• Venkatachala Mudali 2nd Street: Rs 7,100 per sq.ft (2024)
• Venkatachala Mudali 1st Street: Rs 7,100 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 Venkatachalamudali Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,300 per sq.ft, the total guideline value amounts to Rs 93,00,000. The stamp duty at 7% would be Rs 6,51,000, and the registration fee at 2% would be Rs 1,86,000, bringing the total to Rs 8,37,000. Note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatachalamudali Street?

The Sub Registrar Office that covers Venkatachalamudali 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 is a critical factor in property transactions in Mylapore. It serves as a benchmark for determining the minimum price at which a property can be registered. When buying or selling property, this value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the guideline value ensures that the property is registered at a fair value, which helps in maintaining transparency in real estate transactions. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the property transfer process.

Frequently asked questions

What is the current guideline value of Venkatachalamudali Street?

The current guideline value of Venkatachalamudali Street is Rs 9,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,635 per sq.ft in 2002 to Rs 9,300 per sq.ft in 2024, reflecting an overall increase of 469% over the years.

What is the land classification of Venkatachalamudali Street?

Venkatachalamudali Street is classified as Residential Class III Type - II according to the land classification system.

Where can I find the Mylapore Sub Registrar Office?

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

How is stamp duty calculated for properties in Venkatachalamudali Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 6,51,000 at a rate of 7%.