Guideline Value for VENKATESAPURAM 1ST STREET

Venkatesapuram 1st Street guideline value

The current guideline value of Venkatesapuram 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village under the Mylapore SRO, with a land classification of Residential Class V Type - III.

How the guideline value of Venkatesapuram 1st Street has changed

The guideline value for Venkatesapuram 1st Street has seen several revisions over the years. In 2002, the value was Rs 699 per sq.ft, which increased to Rs 777 per sq.ft in 2003, marking an 11% rise. The value then rose to Rs 900 per sq.ft in 2007, showing a 16% increase. Following that, there was a significant jump to Rs 3,000 per sq.ft in 2012, reflecting a 233% increase. However, the value decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The guideline value increased again to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 372%. The register has no figure for this street for the years not mentioned in this article.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO with 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. The guideline value of Venkatesapuram 1st Street is below this median.

• Venkatesapuram 2nd Street: Rs 3,300 per sq.ft (2024)
• Venkatesapuram Street: Rs 3,300 per sq.ft (2024)
• Venkatesa Agraharam Lane: Rs 7,100 per sq.ft (2024)
• Venkatasamy Street (Near Appu Mudali Street): Rs 7,100 per sq.ft (2024)
• Venkatasamy Street (Lloyds Road 3rd Street): Rs 3,300 per sq.ft (2024)
• Venkatasamy Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesapuram 1st 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 be 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, making the total charges 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 Venkatesapuram 1st Street?

The Sub Registrar Office that covers Venkatesapuram 1st 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

When buying or selling property in Mylapore, the guideline value plays a crucial role in determining the stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall cost of property transactions. Understanding this value can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Venkatesapuram 1st Street?

The current guideline value of Venkatesapuram 1st 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 699 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 372% over the years.

What is the land classification for Venkatesapuram 1st Street?

Venkatesapuram 1st Street is classified as Residential Class V Type - III.

Where can I find the Mylapore Sub Registrar Office?

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

How is the stamp duty calculated for properties in Venkatesapuram 1st Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000.