Guideline Value for VENKATRAMAN STREET

Venkatraman Street guideline value

The current guideline value of Venkatraman Street, located in Medavakkam village, is Rs 2,200 per sq.ft. This value is effective from 1 July 2024 and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Venkatraman Street has changed

The guideline value of Venkatraman Street has seen significant changes over the years. Starting from the 2002 revision, where the value was Rs 68 per sq.ft, it increased to Rs 79 per sq.ft in 2003. The value then rose dramatically to Rs 400 per sq.ft in 2007, marking an increase of 406%. In 2012, the value remained at Rs 2,000 per sq.ft, which was a decrease of 33% from the previous revision. The 2017 revision saw another increase to Rs 1,340 per sq.ft, followed by a substantial rise to Rs 2,000 per sq.ft in 2023. Finally, the current value of Rs 2,200 per sq.ft in 2024 reflects a 10% increase from 2023.

Overall, from 2002 to 2024, the guideline value has increased by 3135%. There are no figures available for the revisions in years not listed in the register for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current value of Venkatraman Street.

• Venkateswara Nagar 1st Cross Street: Rs 2,750 per sq.ft (2024)
• V.G.P. Babu Nagar: Rs 2,750 per sq.ft (2024)
• V.G.P. Dr. Ramaiyah Nagar: Rs 2,750 per sq.ft (2024)
• V.G.P. Dr. Vimala Nagar: Rs 2,750 per sq.ft (2024)
• Venkatesan Street: Rs 2,200 per sq.ft (2024)
• V.G.P. Pushpa Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatraman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, 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 fees together to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatraman Street?

The Sub Registrar Office that covers Venkatraman Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is an essential component in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that are applicable during the transaction.

When a property is registered, the stamp duty is calculated based on the higher value between the guideline value and the sale price. This ensures that the appropriate fees are collected according to the established rates in the guideline value register.

Frequently asked questions

What is the current guideline value of Venkatraman Street?

The current guideline value of Venkatraman 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, increasing from Rs 68 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, which is an overall increase of 3135%.

What are the other streets in Medavakkam with guideline values?

Other streets in Medavakkam include Venkateswara Nagar 1st Cross Street, V.G.P. Babu Nagar, V.G.P. Dr. Ramaiyah Nagar, V.G.P. Dr. Vimala Nagar, Venkatesan Street, and V.G.P. Pushpa Nagar, with values ranging from Rs 2,200 to Rs 2,750 per sq.ft.

What fees are associated with buying property on Venkatraman Street?

When buying property on Venkatraman Street, the total fees include stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Venkatraman Street?

The Sub Registrar Office covering Venkatraman Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.