Guideline Value for VENKATESAPURAM 2ND STREET

Venkatesapuram 2nd Street guideline value

The current guideline value of Venkatesapuram 2nd 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 Venkatesapuram 2nd Street has changed

Over the years, the guideline value of Venkatesapuram 2nd Street has seen significant changes. In 2002, the value was Rs 699 per sq.ft, which increased to Rs 777 per sq.ft in 2003, marking an increase of 11%. By 2007, the value rose dramatically to Rs 900 per sq.ft, reflecting a 16% increase. The next revision in 2012 saw the guideline value remain at Rs 3,000 per sq.ft, with no change. In 2023, the value was again Rs 3,000 per sq.ft, but in 2024, it increased to Rs 3,300 per sq.ft, which is a 10% rise from the previous year.

It is important to note that there is no figure available for Venkatesapuram 2nd Street in the 2017 revision. Overall, since 2002, the guideline value has increased by 372%, showcasing the changes in property valuation over the years.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft in 2024. The median guideline value for these streets is Rs 8,800 per sq.ft, indicating that Venkatesapuram 2nd Street's 2024 figure is below this median.

• Venkatesapuram 1st 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 2nd 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 amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total amount 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.

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

Which Sub Registrar Office covers Venkatesapuram 2nd Street?

The Sub Registrar Office that covers Venkatesapuram 2nd 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 plays a crucial role during the registration of property transactions in Mylapore. It is used to calculate the stamp duty and registration fees that buyers must pay when purchasing a property. The guideline value is determined by the government and is periodically revised based on various factors.

When a property is sold, the buyer must pay the stamp duty on the higher of the guideline value or the actual sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as determined by the guideline value.

Frequently asked questions

What is the current guideline value of Venkatesapuram 2nd Street?

The current guideline value of Venkatesapuram 2nd 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 significantly from Rs 699 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 372% since 2002.

What is the median guideline value in Mylapore?

The median guideline value for streets in Mylapore is Rs 8,800 per sq.ft, which is higher than the guideline value of Venkatesapuram 2nd Street.

What are the stamp duty and registration fees for properties in Venkatesapuram 2nd Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles property registrations in Mylapore?

The Mylapore Sub Registrar Office handles property registrations for Venkatesapuram 2nd Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai -600018.