Guideline Value for VENKATASALAM STREET

Venkatasalam Street guideline value

The current guideline value of Venkatasalam Street is Rs 6,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Venkatasalam Street has changed

The guideline value for Venkatasalam Street has undergone several revisions over the years. In 2007, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012, marking a rise of 233%. However, it then decreased to Rs 4,020 per sq.ft in 2017, representing a decline of 33%. By the 2023 revision, the value rose again to Rs 6,000 per sq.ft, and the latest revision in 2024 has set the value at Rs 6,500 per sq.ft, an increase of 8% from the previous year.

There are no figures available for the revisions in 2002 and 2003 for Venkatasalam Street. Overall, from 2007 to 2024, the guideline value has increased by 261%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, which means Venkatasalam Street's 2024 figure is above that median.

• Venkatathiri Naicken Street: Rs 6,500 per sq.ft (2024)
• Venkatapathy Street: Rs 6,000 per sq.ft (2024)
• Venkatammal Samadhi Street: Rs 4,900 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 Venkatasalam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,500 per sq.ft, the total guideline value amounts to Rs 65,00,000. The stamp duty at 7% would be Rs 4,55,000, and the registration fee at 2% would be Rs 1,30,000, bringing the total to Rs 5,85,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatasalam Street?

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

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

The guideline value is a crucial factor in the registration process when buying or selling property in Purasaivakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the registration process reflects the true value of the property being transacted.

Frequently asked questions

What is the current guideline value of Venkatasalam Street?

The current guideline value of Venkatasalam Street is Rs 6,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 6,500 per sq.ft in 2024, reflecting an overall increase of 261% over the years.

What is the land classification for Venkatasalam Street?

Venkatasalam Street is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

What are the stamp duty rates for properties in Venkatasalam Street?

The stamp duty for properties in Venkatasalam Street is charged at a rate of 7% on the guideline value or the sale price, whichever is higher.

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

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