Guideline Value for Venkatapuram 3rd Street

Venkatapuram 3rd Street guideline value

The current guideline value of Venkatapuram 3rd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Venkatapuram 3rd Street has changed

The guideline value for Venkatapuram 3rd Street has seen several revisions over the years. The earliest recorded figure is from the 2012 revision, which was Rs 4,000 per sq.ft. This figure remained unchanged until the 2023 revision, when it was again Rs 4,000 per sq.ft. In 2024, the guideline value was revised to Rs 4,400 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, there has been a total increase of 10%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2017 for Venkatapuram 3rd Street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Venkatapuram 3rd Street.

• Venkatapuram 2nd Street: Rs 4,400 per sq.ft (2024)
• Venkatapuram 1st 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venkatapuram 3rd Street?

The Sub Registrar Office that covers Venkatapuram 3rd 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property transactions.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty and registration fees. This ensures that the transaction is taxed fairly based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Venkatapuram 3rd Street?

The current guideline value of Venkatapuram 3rd Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 4,000 per sq.ft in 2012 to Rs 4,400 per sq.ft in 2024, marking a 10% increase overall. There were no recorded figures for the years 2002, 2003, 2007, and 2017.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000. Duty is charged on the higher of the guideline value or the sale price.

Which office handles property registration in Velachery?

The Velacheri Sub Registrar Office handles property registration for Venkatapuram 3rd Street. It is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value in Velachery?

The median guideline value in Velachery is Rs 4,400 per sq.ft, which is the same as the current guideline value for Venkatapuram 3rd Street.