Guideline Value for Venkataraman Cross Street

Venkataraman Cross Street guideline value

The current guideline value of Venkataraman Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class II Type - II.

How the guideline value of Venkataraman Cross Street has changed

The guideline value for Venkataraman Cross Street has seen several revisions over the years. The 2017 revision set the value at Rs 1,005 per sq.ft, which increased to Rs 1,500 per sq.ft in the 2023 revision. The latest revision in 2024 has raised the guideline value to Rs 1,650 per sq.ft, marking a significant increase of 10% from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

There are no figures available for the years 2002, 2003, 2007, and 2012 for this street in the register. The increase from 2017 to 2023 was 49%, reflecting a substantial rise in the property values during that period.

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. Venkataraman Cross Street's 2024 guideline value is below this median.

• Venkataraman Street: Rs 2,200 per sq.ft (2024)
• Venkata Ramanuja Iyer compound: 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)
• Vembuli Amman Koil Street: Rs 1,650 per sq.ft (2024)
• VenkatesaPerumal Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Venkataraman Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost for these fees to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Venkataraman Cross Street?

The Venkataraman Cross Street is covered by 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 is a critical factor in the registration process for property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the property transfer process.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair price, which is essential for legal and taxation purposes. Buyers and sellers should be aware of the current guideline values to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Venkataraman Cross Street?

The current guideline value of Venkataraman Cross Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,005 per sq.ft in 2017 to Rs 1,650 per sq.ft in 2024, marking an overall increase of 64% over this period.

What is the stamp duty rate for properties in Venkataraman Cross Street?

The stamp duty rate for properties in Venkataraman Cross Street is 7% of the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office handles registrations for Venkataraman Cross Street?

The Velacheri Sub Registrar Office handles registrations for Venkataraman Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What are the guideline values for other streets in Madipakkam-1?

Other streets in Madipakkam-1 have varying guideline values, with Venkataraman Street at Rs 2,200 per sq.ft and several others, including Venkata Ramanuja Iyer compound, Venkataswamy Street, Venkatesan Nagar, Vembuli Amman Koil Street, and VenkatesaPerumal Street, all at Rs 1,650 per sq.ft.