Guideline Value for Venkata Iyer lane

Venkata Iyer lane guideline value

The current guideline value of Venkata Iyer lane is Rs 5,500 per sq.ft, effective from 1 July 2024. This lane is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Venkata Iyer lane has changed

The guideline value for Venkata Iyer lane has seen several revisions over the years. In 2002, the guideline value was Rs 1,476 per sq.ft, which increased to Rs 1,678 per sq.ft in 2003. Following this, the value rose to Rs 2,000 per sq.ft in 2007, and then saw a significant jump to Rs 5,000 per sq.ft in 2012. However, this was followed by a decrease to Rs 3,350 per sq.ft in 2017. The value then increased to Rs 5,000 per sq.ft in 2023, and the latest revision in 2024 set the value at Rs 5,500 per sq.ft.

The changes between these revisions are notable. From 2002 to 2003, the increase was +14%. The value rose by +19% from 2003 to 2007. The jump from 2007 to 2012 was +150%. However, the value decreased by -33% from 2012 to 2017. The increase from 2017 to 2023 was +49%, and the most recent increase from 2023 to 2024 is +10%. Overall, from 2002 to 2024, the guideline value has increased by +273%.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, which is equal to the guideline value of Venkata Iyer lane for 2024.

• Venkata Iyer street: Rs 5,500 per sq.ft (2024)
• Venkatalingam chetty lane (Commissionerate street)*: Rs 3,800 per sq.ft (2024)
• Venkatalingam street*: Rs 3,800 per sq.ft (2024)
• Venkata Maistry Street: Rs 7,100 per sq.ft (2024)
• Venkataratnam street+: Rs 4,900 per sq.ft (2024)
• Velayudham street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Venkata Iyer lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Together, the total cost for these fees would be Rs 4,95,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venkata Iyer lane?

The Sub Registrar Office that covers Venkata Iyer lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Muthialpet. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price of the property.

When engaging in a property transaction, it is essential for both buyers and sellers to understand the guideline value. This ensures that they are aware of the costs involved in the registration process and can plan accordingly.

Frequently asked questions

What is the current guideline value of Venkata Iyer lane?

The current guideline value of Venkata Iyer lane is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,476 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of +273%.

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

Other streets in Muthialpet include Venkata Iyer street at Rs 5,500 per sq.ft, Venkatalingam chetty lane at Rs 3,800 per sq.ft, and Venkata Maistry Street at Rs 7,100 per sq.ft, among others.

What is the registration fee for property in Venkata Iyer lane?

The registration fee for a property in Venkata Iyer lane is calculated based on the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total registration fees would amount to Rs 4,95,000.

Where can I find the Sub Registrar Office for Venkata Iyer lane?

The Sub Registrar Office for Venkata Iyer lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.