Guideline Value for Veenus Colony 2nd Street

Veenus Colony 2nd Street guideline value

The current guideline value of Veenus Colony 2nd Street is Rs 17,600 per sq.ft. This street is located in Mylapore Part 2 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Commercial Special Type - V.

How the guideline value of Veenus Colony 2nd Street has changed

The guideline value for Veenus Colony 2nd Street has undergone several revisions over the years. The register has no figure for this street in 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 16,000 per sq.ft, which increased to Rs 17,600 per sq.ft in the 2024 revision, marking a change of +10%.

With the 2024 revision, the guideline value reflects the current market conditions and is set to be effective from 1 July 2024. The increase from the previous year's figure indicates an adjustment in the valuation for this street.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO that carry a 2024 figure ranging from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. Veenus Colony 2nd Street's current guideline value is above this median.

• Veenus Colony 1st Street: Rs 17,600 per sq.ft (2024)
• Veenus Colony 3rd Street: Rs 17,600 per sq.ft (2024)
• Varasidhi Vinayagar Koil Street: Rs 8,800 per sq.ft (2024)
• Varadharajapuram Main Road: Rs 7,700 per sq.ft (2024)
• Vanniya puram Corporation Colony: Rs 6,100 per sq.ft (2024)
• Venkataraman Street: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Veenus Colony 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 17,600 per sq.ft, the guideline value amounts to Rs 1,76,00,000. The stamp duty at 7% would be Rs 12,32,000, and the registration fee at 2% would be Rs 3,52,000, totaling Rs 15,84,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Veenus Colony 2nd Street?

The Sub Registrar Office that covers Veenus Colony 2nd Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is a critical factor in the registration process when buying or selling property in Mylapore Part 2. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the valuation reflects the current market conditions and provides a fair basis for taxation.

Frequently asked questions

What is the current guideline value of Veenus Colony 2nd Street?

The current guideline value of Veenus Colony 2nd Street is Rs 17,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen an increase from Rs 16,000 per sq.ft in 2023 to Rs 17,600 per sq.ft in 2024, representing a +10% change. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017 for this street.

What is the land classification for Veenus Colony 2nd Street?

The land classification for Veenus Colony 2nd Street is Commercial Special Type - V. This classification can affect the types of developments allowed in the area.

What are the stamp duty and registration fees for property in Veenus Colony 2nd Street?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 1,76,00,000, the total fees would amount to Rs 15,84,000.

Which Sub Registrar Office should I approach for transactions in Veenus Colony 2nd Street?

The Chennai Central Joint I Sub Registrar Office covers Veenus Colony 2nd Street. It is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.