Guideline Value for Vengu Chetty Lane

Vengu Chetty Lane guideline value

The current guideline value of Vengu Chetty Lane is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village and falls under the Sowcarpet SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Vengu Chetty Lane has changed

The guideline value for Vengu Chetty Lane has undergone several revisions over the years. In 2003, the value was Rs 797 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007, marking a 25% rise. The value then saw a significant jump to Rs 3,500 per sq.ft in 2012, representing a 250% increase. However, it decreased to Rs 2,345 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 3,500 per sq.ft in 2023, followed by the current figure of Rs 3,800 per sq.ft from the 2024 revision, indicating a 9% increase from the previous year.

It is important to note that there is no figure available for Vengu Chetty Lane in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 377%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft, with a median value of Rs 4,400 per sq.ft. Vengu Chetty Lane's 2024 figure is below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total fees to Rs 3,42,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vengu Chetty Lane?

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

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

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

When you register a property, the guideline value is considered to ensure that the transaction is recorded at a value that reflects the prevailing rates in the area. This helps in maintaining transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Vengu Chetty Lane?

The current guideline value of Vengu Chetty Lane is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 797 per sq.ft in 2003 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 377% over this period.

What is the median guideline value in Muthiyalpet?

The median guideline value in Muthiyalpet is Rs 4,400 per sq.ft, while Vengu Chetty Lane's guideline value is below this median at Rs 3,800 per sq.ft.

What are the stamp duty and registration fees for property in Vengu Chetty Lane?

The stamp duty for a property valued at Rs 38,00,000 would be Rs 2,66,000, and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Which office handles the registration for Vengu Chetty Lane?

The registration for Vengu Chetty Lane is handled by the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.