Guideline Value for Venkat Avenue 1st Street

Venkat Avenue 1st Street guideline value

The current guideline value of Venkat Avenue 1st Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Rajakilpakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Venkat Avenue 1st Street has changed

In the 2012 revision, the guideline value was Rs 1,200 per sq.ft. This value decreased to Rs 804 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,200 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 1,300 per sq.ft, an increase of 8% from the previous year.

The register has no figures for the years 2002, 2003, and 2007 concerning Venkat Avenue 1st Street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 5,000 per sq.ft. The median guideline value is Rs 2,150 per sq.ft, indicating that Venkat Avenue 1st Street's 2024 figure is below this median.

• Venkat Avenue 2nd Street: Rs 1,300 per sq.ft (2024)
• Venkataraman Street: Rs 1,900 per sq.ft (2024)
• Venkatarama Iyer Street: Rs 1,900 per sq.ft (2024)
• Venkatachalapathy Street: Rs 1,300 per sq.ft (2024)
• Venugopal Street: Rs 880 per sq.ft (2024)
• Velacherry Main Road: Rs 4,250 per sq.ft (2024)

Stamp duty and registration fee for property in Venkat Avenue 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, leading to a total of Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Venkat Avenue 1st Street?

The Sub Registrar Office that covers Venkat Avenue 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Rajakilpakkam. It serves as a benchmark to determine the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the transaction's legitimacy. Buyers and sellers must ensure that the sale price is not lower than the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Venkat Avenue 1st Street?

The current guideline value of Venkat Avenue 1st Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes: it was Rs 1,200 per sq.ft in 2012, decreased to Rs 804 per sq.ft in 2017, increased to Rs 1,200 per sq.ft in 2023, and is now Rs 1,300 per sq.ft in 2024.

What is the land classification for Venkat Avenue 1st Street?

Venkat Avenue 1st Street is classified as Residential Class II Type - II.

Where can I find the Sub Registrar Office for Venkat Avenue 1st Street?

The Sub Registrar Office for Venkat Avenue 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is stamp duty calculated for properties in Venkat Avenue 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at 7%.