Guideline Value for Venkata Iyer street

Venkata Iyer street guideline value

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

How the guideline value of Venkata Iyer street has changed

The guideline value for Venkata Iyer street has undergone several revisions over the years. In 2002, the 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 significantly increased to Rs 5,000 per sq.ft in 2012. However, in 2017, it decreased to Rs 3,350 per sq.ft. The value then saw a substantial rise to Rs 5,000 per sq.ft in 2023, before reaching the current value of Rs 5,500 per sq.ft in 2024.

Notably, the changes between these revisions are as follows: from 2002 to 2003, the increase was +14%; from 2003 to 2007, it rose by +19%; from 2007 to 2012, there was a +150% increase; the value then decreased by -33% from 2012 to 2017. After that, it increased by +49% from 2017 to 2023, and finally, there was a +10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +273%.

Guideline values in Muthialpet

In Muthialpet village, there are 160 streets under the Chennai North Joint I SRO, with guideline values ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median guideline value is Rs 5,500 per sq.ft, which is equal to the current value of Venkata Iyer street.

• Venkata Iyer lane: 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 street

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, and the registration fee at 2% would be Rs 1,10,000, bringing the total cost for these fees to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Venkata Iyer street?

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

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

The guideline value plays a crucial role during the registration process of property transactions in Muthialpet. 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 registering a property, the guideline value is compared with the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Venkata Iyer street?

The current guideline value of Venkata Iyer street 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, with various increases and one decrease along the way.

What is the registration office for Venkata Iyer street?

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

How is stamp duty calculated for properties in Venkata Iyer street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property with a guideline value of Rs 55,00,000, the stamp duty would be calculated accordingly.

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

Other streets in Muthialpet include Venkata Iyer lane 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.