Guideline Value for Venkataraman Street

Venkataraman Street guideline value

The current guideline value of Venkataraman Street is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Venkataraman Street has changed

According to the guideline value register, there are no figures available for Venkataraman Street for the years 2002, 2003, 2007, 2012, and 2017. The guideline value was Rs 8,000 per sq.ft in the 2023 revision, which increased by 9% to Rs 8,700 per sq.ft in the 2024 revision.

This increase reflects a change from the previous year, where the guideline value was set at Rs 8,000 per sq.ft in 2023. The current figure of Rs 8,700 per sq.ft is indicative of the latest valuation effective from July 2024.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for the area is Rs 8,800 per sq.ft, making Venkataraman Street's current value of Rs 8,700 per sq.ft below the median.

• Venkatarathinam Salai: Rs 10,900 per sq.ft (2024)
• Veenus Colony 3rd Street: Rs 17,600 per sq.ft (2024)
• Veenus Colony 2nd Street: Rs 17,600 per sq.ft (2024)
• Veenus Colony 1st Street: Rs 17,600 per sq.ft (2024)
• Varasidhi Vinayagar Koil Street: Rs 8,800 per sq.ft (2024)
• Varadharajapuram Main Road: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Venkataraman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value amounts to Rs 87,00,000. The stamp duty at 7% would be Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, bringing the total fees to Rs 7,83,000. Please 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 Venkataraman Street?

The Sub Registrar Office that covers Venkataraman Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is a critical factor in property transactions within Mylapore Part 2. It is used to determine the stamp duty and registration fees payable during the registration of property transactions.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, reflecting the current market conditions as assessed by the registration department.

Frequently asked questions

What is the current guideline value of Venkataraman Street?

The current guideline value of Venkataraman Street is Rs 8,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed recently?

The guideline value increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, marking a 9% increase.

What is the median guideline value for Mylapore Part 2?

The median guideline value for Mylapore Part 2 is Rs 8,800 per sq.ft, making Venkataraman Street's current value slightly below this median.

What are the registration fees for property in Venkataraman Street?

For a property valued at Rs 87,00,000, the stamp duty is Rs 6,09,000, and the registration fee is Rs 1,74,000, totaling Rs 7,83,000.

Which office do I need to visit for property registration in Venkataraman Street?

The Chennai Central Joint I Sub Registrar Office is responsible for property registrations in Venkataraman Street, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.