Guideline Value for VENKATAPATHY STREET

Venkatapathy Street guideline value

The current guideline value of Venkatapathy Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - III.

How the guideline value of Venkatapathy Street has changed

The guideline value for Venkatapathy Street has undergone several revisions over the years. The 2007 revision set the value at Rs 2,800 per sq.ft, which increased to Rs 5,500 per sq.ft in 2012. However, there was a decrease to Rs 3,685 per sq.ft in 2017. The value then rose significantly to Rs 5,500 per sq.ft in 2023, and currently stands at Rs 6,000 per sq.ft from the 2024 revision. The register has no figure for the years 2002 and 2003.

In terms of percentage changes, the value increased by 96% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then saw a substantial increase of 49% from 2017 to 2023. The latest revision from 2023 to 2024 reflects a 9% increase. Overall, from 2007 to 2024, the guideline value has increased by 114%.

Guideline values in Purasaivakkam

Venkatapathy Street's guideline value of Rs 6,000 per sq.ft is above the median value of Rs 5,500 per sq.ft for the 519 streets in Purasaivakkam under the Purasaivakkam SRO, which range from Rs 2,200 to Rs 18,100 per sq.ft.

• Venkatammal Samadhi Street: Rs 4,900 per sq.ft (2024)
• Venkatasalam Street: Rs 6,500 per sq.ft (2024)
• Venkatathiri Naicken Street: Rs 6,500 per sq.ft (2024)
• Venkatesan Naicken Lane: Rs 5,500 per sq.ft (2024)
• Venkatesan Street: Rs 5,500 per sq.ft (2024)
• Venkatesa Pakthan Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatapathy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, totaling Rs 5,40,000. The duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venkatapathy Street?

The Sub Registrar Office that covers Venkatapathy Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value is considered for calculating the taxes involved. Buyers should be aware that the stamp duty is charged based on the higher of the guideline value or the sale price, which ensures compliance with regulatory requirements.

Frequently asked questions

What is the current guideline value of Venkatapathy Street?

The current guideline value of Venkatapathy Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,800 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 114% over this period.

What is the land classification of Venkatapathy Street?

Venkatapathy Street is classified as Residential Class III Type - III.

Where can I find the Sub Registrar Office for Venkatapathy Street?

The Sub Registrar Office for Venkatapathy Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the stamp duty calculated for properties in Venkatapathy Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, along with a registration fee of 2% of the guideline value.