Guideline Value for VENKATASAMY LANE

Venkatasamy Lane guideline value

The current guideline value of Venkatasamy Lane is Rs 3,300 per sq.ft, effective from 1 July 2024. This lane is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class V Type - III.

How the guideline value of Venkatasamy Lane has changed

The guideline value for Venkatasamy Lane has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 872 per sq.ft, which increased to Rs 969 per sq.ft in 2003, marking an increase of 11%. The next revision in 2012 saw the value rise to Rs 3,000 per sq.ft, an increase of 210%. However, in 2017, the value dropped to Rs 2,010 per sq.ft, reflecting a decrease of 33%. The 2023 revision set the value at Rs 3,000 per sq.ft, before the latest increase to Rs 3,300 per sq.ft in 2024, which is a 10% rise.

It is important to note that there is no guideline value recorded for Venkatasamy Lane in the 2007 revision. Overall, from 2002 to 2024, the guideline value has increased by 278%.

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. Venkatasamy Lane's 2024 guideline value is below this median.

• Venkatasamy Street (Lloyds Road 3rd Street): Rs 3,300 per sq.ft (2024)
• Venkatasamy Street (Near Appu Mudali Street): Rs 7,100 per sq.ft (2024)
• Venkatesa Agraharam Lane: Rs 7,100 per sq.ft (2024)
• Venkatakrishna Lane: Rs 7,100 per sq.ft (2024)
• Venkatakrishna Iyer Road: Rs 13,200 per sq.ft (2024)
• Venkatachala Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatasamy Lane

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Venkatasamy Lane?

The Sub Registrar Office that covers Venkatasamy 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 details.

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

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

When a property is registered, the higher value between the guideline value and the sale price is used to calculate the necessary fees. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Venkatasamy Lane?

The current guideline value of Venkatasamy Lane is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 872 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, representing an overall increase of 278% over the years.

What is the land classification for Venkatasamy Lane?

Venkatasamy Lane is classified as Residential Class V Type - III, indicating its use for residential purposes.

What is the registration office for Venkatasamy Lane?

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

How is the stamp duty calculated for properties in Venkatasamy Lane?

The stamp duty for properties in Venkatasamy Lane is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.