Guideline Value for Venkata Maistry Street

Venkata Maistry Street guideline value

The current guideline value of Venkata Maistry Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Venkata Maistry Street has changed

The guideline value for Venkata Maistry Street has undergone several revisions over the years. The 2007 revision set the value at Rs 2,300 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in the 2012 revision. However, this was followed by a decrease to Rs 4,355 per sq.ft in the 2017 revision. The value then saw a substantial rise to Rs 6,500 per sq.ft in the 2023 revision, before reaching the current rate of Rs 7,100 per sq.ft in the 2024 revision.

In terms of percentage changes, the value increased by 183% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then rose by 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 9% increase. Overall, from 2007 to 2024, the guideline value has increased by 209%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

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 guideline value in this area is Rs 5,500 per sq.ft, placing Venkata Maistry Street's 2024 figure above this median.

• Venkatalingam street*: Rs 3,800 per sq.ft (2024)
• Venkatalingam chetty lane (Commissionerate street)*: Rs 3,800 per sq.ft (2024)
• Venkata Iyer street: Rs 5,500 per sq.ft (2024)
• Venkata Iyer lane: Rs 5,500 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 Maistry Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, resulting in a total of Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Venkata Maistry Street?

The Sub Registrar Office that covers Venkata Maistry 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 of properties 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 and sellers must be aware of the current guideline value to ensure compliance with the registration requirements.

When a property transaction occurs, the guideline value is assessed to calculate the applicable duties. This ensures that the transaction is recorded accurately and that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Venkata Maistry Street?

The current guideline value of Venkata Maistry Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 2,300 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 209% over the years.

What is the land classification for Venkata Maistry Street?

Venkata Maistry Street is classified as Residential Class I Type - II.

Where can I find the Sub Registrar Office for Venkata Maistry Street?

The Sub Registrar Office for Venkata Maistry Street is located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

How is stamp duty calculated for properties in Muthialpet?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 at 7%.