Guideline Value for VENKATASAMY STREET (LLOYDS ROAD 3RD STREET)

Venkatasamy Street (Lloyds Road 3rd Street) guideline value

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

How the guideline value of Venkatasamy Street (Lloyds Road 3rd Street) has changed

The guideline value for Venkatasamy Street has seen several revisions over the years. Starting from Rs 872 per sq.ft in 2002, it increased to Rs 969 per sq.ft in 2003, marking an increase of 11%. The next revision in 2012 brought the value to Rs 3,000 per sq.ft, which was a significant increase of 210%. However, in 2017, the value dropped to Rs 2,010 per sq.ft, reflecting a decrease of 33%. In 2023, the value rose again to Rs 3,000 per sq.ft, followed by the current rate of Rs 3,300 per sq.ft effective from 1 July 2024, which is a 10% increase from the previous year.

It is important to note that there is no figure available for the 2007 revision for this street. 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, with guideline values 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, placing Venkatasamy Street's 2024 figure below this median.

• Venkatasamy Street (Near Appu Mudali Street): Rs 7,100 per sq.ft (2024)
• Venkatasamy Lane: Rs 3,300 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 Street (Lloyds Road 3rd Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would amount 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, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venkatasamy Street (Lloyds Road 3rd Street)?

The Sub Registrar Office that covers Venkatasamy 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 an essential 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 that need to be paid during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Venkatasamy Street?

The current guideline value of Venkatasamy Street (Lloyds Road 3rd Street) 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, showing an overall increase of 278%. There have been several revisions, with notable changes occurring in 2012, 2017, and 2023.

What is the stamp duty for property in Venkatasamy Street?

The stamp duty for property in Venkatasamy Street is calculated at 7% of the guideline value or the sale price, whichever is higher. For a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 2,31,000.

Where is the Sub Registrar Office for Venkatasamy Street located?

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

How is the guideline value used in property transactions?

The guideline value is used as a basis for calculating stamp duty and registration fees during property transactions. It is compared with the sale price, and the higher amount is used to determine the applicable duties and fees.