Guideline Value for Vengaiyer Street

Vengaiyer Street guideline value

The current guideline value of Vengaiyer Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Residential Class I Type - I.

How the guideline value of Vengaiyer Street has changed

The guideline value for Vengaiyer Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,200 per sq.ft, which then increased significantly to Rs 4,000 per sq.ft in 2012, marking a 233% rise. However, in 2017, the value dropped to Rs 2,680 per sq.ft, reflecting a decrease of 33%. The value then rose again to Rs 4,000 per sq.ft in 2023, and most recently, it increased to Rs 4,400 per sq.ft in 2024, representing a 10% increase.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 267%.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which matches the current value for Vengaiyer Street.

• Vengu Chetty Lane: Rs 3,800 per sq.ft (2024)
• Venkatachalam Mudal Lane: Rs 4,900 per sq.ft (2024)
• Venkatachalam Mudal Street: Rs 4,900 per sq.ft (2024)
• Venkatasamy Lane: Rs 3,800 per sq.ft (2024)
• Venkatesa Chetty Street: Rs 4,400 per sq.ft (2024)
• Venkatesa Lane: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Vengaiyer Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It's important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Vengaiyer Street?

The Sub Registrar Office that covers Vengaiyer Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Muthiyalpet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the transaction must be registered at the relevant Sub Registrar Office, where the guideline value is used to calculate the applicable fees. This ensures a standardized approach to property transactions in the area.

Frequently asked questions

What is the current guideline value of Vengaiyer Street?

The current guideline value of Vengaiyer Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 267%.

What is the stamp duty rate for properties in Vengaiyer Street?

The stamp duty rate for properties in Vengaiyer Street is 7% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Vengaiyer Street is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What are the other streets in Muthiyalpet with their guideline values?

Other streets in Muthiyalpet include Vengu Chetty Lane at Rs 3,800 per sq.ft, Venkatachalam Mudal Lane at Rs 4,900 per sq.ft, and Venkatesa Chetty Street at Rs 4,400 per sq.ft, among others.