Guideline Value for VENKATESAN STREET

Venkatesan Street guideline value

The current guideline value of Venkatesan Street is Rs 5,500 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 - I.

How the guideline value of Venkatesan Street has changed

Over the years, the guideline value of Venkatesan Street has experienced several revisions. The earliest recorded revision was in 2007, where the guideline value was Rs 1,800 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a substantial rise of 178%. However, the value then decreased to Rs 3,350 per sq.ft in 2017, a drop of 33%. The subsequent revision in 2023 saw the value rise to Rs 5,000 per sq.ft, and the latest revision in 2024 has set the value at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded guideline values for Venkatesan Street in the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 206%.

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 guideline value is Rs 5,500 per sq.ft, which is equal to the current guideline value of Venkatesan Street.

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

Stamp duty and registration fee for property in Venkatesan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost for these fees to Rs 4,95,000. It is important to note that 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 Venkatesan Street?

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

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

The guideline value plays a crucial role in the registration process when buying or selling property in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Venkatesan Street?

The current guideline value of Venkatesan Street is Rs 5,500 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 5,500 per sq.ft in 2024, reflecting an overall increase of 206% over the years.

What are the stamp duty and registration fees for properties on Venkatesan Street?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which Sub Registrar Office handles transactions for Venkatesan Street?

The Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012, handles transactions for Venkatesan Street.

What is the land classification of Venkatesan Street?

Venkatesan Street is classified as Residential Class III Type - I, indicating its designation for residential use.