Guideline Value for Venkata Ramanuja Iyer compound

Venkata Ramanuja Iyer compound guideline value

The current guideline value for Venkata Ramanuja Iyer compound is Rs 1,650 per sq.ft, effective from 1 July 2024. This compound is located in Madipakkam-1 village, under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Venkata Ramanuja Iyer compound has changed

In the 2017 revision, the guideline value was Rs 1,005 per sq.ft. This figure increased significantly to Rs 1,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 saw another increase to Rs 1,650 per sq.ft, which is a 10% increase from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. This demonstrates a consistent upward trend in the guideline value for Venkata Ramanuja Iyer compound over the years.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value for Venkata Ramanuja Iyer compound is below this median.

• Venkataraman Street: Rs 2,200 per sq.ft (2024)
• Venkataraman Cross Street: Rs 1,650 per sq.ft (2024)
• Venkataswamy Street: Rs 1,650 per sq.ft (2024)
• Venkatesan Nagar: Rs 1,650 per sq.ft (2024)
• VenkatesaPerumal Street: Rs 1,650 per sq.ft (2024)
• Vembuli Amman Koil Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Venkata Ramanuja Iyer compound

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. It is important to note that 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 Venkata Ramanuja Iyer compound?

The Venkata Ramanuja Iyer compound falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in property transactions in Madipakkam-1, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During the registration process at the Velacheri SRO, the buyer and seller must consider the guideline value to ensure compliance with legal requirements. This value is essential for both parties to understand the financial implications of the transaction.

Frequently asked questions

What is the current guideline value of Venkata Ramanuja Iyer compound?

The current guideline value for Venkata Ramanuja Iyer compound is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 1,005 per sq.ft in 2017 to Rs 1,650 per sq.ft in 2024. This represents an overall increase of 64% over the seven years.

What are the stamp duty and registration fees for this property?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees amount to Rs 1,48,500. This includes a stamp duty of Rs 1,15,500 and a registration fee of Rs 33,000.

Which office handles the registration for Venkata Ramanuja Iyer compound?

The registration for Venkata Ramanuja Iyer compound is handled by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Venkata Ramanuja Iyer compound?

The land classification for Venkata Ramanuja Iyer compound is Residential Class II Type - II, indicating its suitability for residential development.