Guideline Value for VENKATAKRISHNA LANE

Venkatakrishna Lane guideline value

The current guideline value of Venkatakrishna Lane is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class IV Type - III.

How the guideline value of Venkatakrishna Lane has changed

The guideline value for Venkatakrishna Lane has seen several revisions over the years. The 2012 revision recorded a value of Rs 6,500 per sq.ft, which then decreased to Rs 4,355 per sq.ft in the 2017 revision. Following this, the value rose significantly to Rs 6,500 per sq.ft in the 2023 revision, and currently stands at Rs 7,100 per sq.ft as per the 2024 revision.

In terms of percentage changes, the value increased by 49% from 2017 to 2023, and by 9% from 2023 to 2024. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 9%. There are no figures available for the revisions in 2002, 2003, and 2007 for this street.

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 Venkatakrishna Lane is below this median.

• Venkatakrishna Iyer Road: Rs 13,200 per sq.ft (2024)
• Venkatachala Street: 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 Venkatakrishna Lane

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, making the total fees together 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatakrishna Lane?

The Sub Registrar Office that covers Venkatakrishna Lane 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 crucial factor when buying or selling property in Mylapore. It is used to determine the stamp duty and registration fees applicable during the registration process. Buyers should be aware that the guideline value can influence the overall cost of the transaction.

When a property is registered, the guideline value serves as a baseline for calculating the duties and fees. This ensures that the transaction is recorded accurately and reflects the appropriate charges based on the established values for the area.

Frequently asked questions

What is the current guideline value of Venkatakrishna Lane?

The current guideline value of Venkatakrishna Lane 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 4,355 per sq.ft in 2017, then to Rs 6,500 per sq.ft in 2023, and finally to Rs 7,100 per sq.ft in 2024.

What is the land classification for Venkatakrishna Lane?

Venkatakrishna Lane is classified as Residential Class IV Type - III.

What is the registration office for Venkatakrishna Lane?

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

How is stamp duty calculated for properties in Venkatakrishna Lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 7,100 per sq.ft, the stamp duty would be Rs 4,97,000.