Guideline Value for VENKATESAPURAM 8TH STREET

Venkatesapuram 8th Street guideline value

The current guideline value for Venkatesapuram 8th Street is Rs 2,200 per sq.ft. This street is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Venkatesapuram 8th Street has changed

The guideline value for Venkatesapuram 8th Street has seen significant changes over the years. In 2003, the guideline value was Rs 444 per sq.ft, which increased to Rs 500 per sq.ft in 2007. Following that, there was a substantial rise to Rs 2,000 per sq.ft in 2012, but this dropped to Rs 1,340 per sq.ft in 2017. The value then rose again to Rs 2,000 per sq.ft in 2023, before reaching the current rate of Rs 2,200 per sq.ft in 2024.

In terms of percentage changes, from 2003 to 2007, there was an increase of 13%. However, the value surged by 300% from 2007 to 2012. The decline from 2012 to 2017 was 33%, followed by a significant increase of 49% from 2017 to 2023. The most recent revision from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 395% from 2003 to 2024. The register has no figure for this street in 2002.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. Venkatesapuram 8th Street's 2024 figure is below this median.

• Venkatesapuram 7th Street: Rs 2,200 per sq.ft (2024)
• Venkatesapuram 6th Street: Rs 2,200 per sq.ft (2024)
• Venkatesapuram 5th Street: Rs 2,200 per sq.ft (2024)
• Venkatesapuram 4th Street: Rs 2,200 per sq.ft (2024)
• Venkatesapuram 3rd Street: Rs 2,200 per sq.ft (2024)
• Venkatesapuram 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesapuram 8th Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total charges to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Venkatesapuram 8th Street?

The Venkatesapuram 8th Street falls under the jurisdiction of 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 Perambur

The guideline value is essential when registering a property, as it determines the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the transaction process.

When a property is sold, the guideline value serves as a reference point for the sale price. If the sale price is higher than the guideline value, the duty is charged on the sale price instead. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Venkatesapuram 8th Street?

The current guideline value for Venkatesapuram 8th Street is Rs 2,200 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 444 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 395% over the years.

What is the registration office for Venkatesapuram 8th Street?

The registration office for Venkatesapuram 8th Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same. For example, for a 1,000 sq.ft property, the total charges would be Rs 1,98,000.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum value for calculating stamp duty and registration fees during property transactions. It ensures that the appropriate revenue is collected by the government based on the property's value.