Guideline Value for Venkatapuram 1st Street

Venkatapuram 1st Street guideline value

The current guideline value of Venkatapuram 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Venkatapuram 1st Street has changed

The guideline value for Venkatapuram 1st Street has seen several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 4,000 per sq.ft, which increased by 10% to Rs 4,400 per sq.ft in the 2024 revision.

This increase reflects the current valuation as of July 2024. The guideline value for this street is now aligned with the median guideline value of Rs 4,400 per sq.ft for the 2,691 streets in Velachery under the Velacheri SRO.

Guideline values in Velachery

In Velachery, the guideline values range from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Venkatapuram 1st Street's 2024 guideline value matches this median.

• Venkatapuram 2nd Street: Rs 4,400 per sq.ft (2024)
• Venkatapuram 3rd Street: Rs 4,400 per sq.ft (2024)
• Venkatesan Street: Rs 4,400 per sq.ft (2024)
• Vel Nagar Main Road/E.B.Colony 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Vel Nagar Main Road: Rs 3,850 per sq.ft (2024)
• Vel Nagar 3rd Street/E.B. Colony: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatapuram 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Venkatapuram 1st Street?

The Sub Registrar Office that covers Venkatapuram 1st Street is 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 details.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue from property transactions.

When buying or selling property, the guideline value influences the calculation of stamp duty and registration fees, which are mandatory costs associated with property transactions. Buyers should be aware of these values to accurately estimate the total costs involved in their property dealings.

Frequently asked questions

What is the current guideline value of Venkatapuram 1st Street?

The current guideline value of Venkatapuram 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed recently?

The guideline value increased from Rs 4,000 per sq.ft in 2023 to Rs 4,400 per sq.ft in 2024, reflecting a 10% increase.

What is the land classification of Venkatapuram 1st Street?

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

Where can I find the registration office for Venkatapuram 1st Street?

The registration office for Venkatapuram 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a guideline value of Rs 44,00,000, the stamp duty at 7% would be Rs 3,08,000.