Guideline Value for Venkatasamy Lane

Venkatasamy Lane guideline value

The current guideline value of Venkatasamy Lane is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village and falls under the Sowcarpet SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Venkatasamy Lane has changed

The guideline value for Venkatasamy Lane has seen several revisions over the years. The earliest recorded revision was in 2007, where the value was Rs 1,000 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, followed by a decrease to Rs 2,345 per sq.ft in 2017. The value then rose to Rs 3,500 per sq.ft in 2023, and currently stands at Rs 3,800 per sq.ft as of the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%. The transition from 2012 to 2017 saw a decline of 33%, while the jump from 2007 to 2012 was a notable 250%. Overall, from 2007 to 2024, the guideline value has increased by 280%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Muthiyalpet

In Muthiyalpet village, there are 357 streets under the Sowcarpet SRO that have a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft, with a median value of Rs 4,400 per sq.ft. Venkatasamy Lane's 2024 figure is below this median.

• Venkatesa Chetty Street: Rs 4,400 per sq.ft (2024)
• Venkatesa Lane: Rs 3,800 per sq.ft (2024)
• Venkatesa Maistry Street: Rs 4,400 per sq.ft (2024)
• Venkatesa Naicken Lane: Rs 3,800 per sq.ft (2024)
• Venkatesa Naicken Street: Rs 3,800 per sq.ft (2024)
• Venkatachalam Mudal Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatasamy Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total cost for these fees to Rs 3,42,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Venkatasamy Lane?

The Sub Registrar Office that covers Venkatasamy Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions within Muthiyalpet. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value acts as a benchmark for both parties. It is essential for buyers to be aware of this value to avoid overpaying, while sellers should consider it to set realistic expectations for their property's worth.

Frequently asked questions

What is the current guideline value of Venkatasamy Lane?

The current guideline value of Venkatasamy Lane is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 3,800 per sq.ft in 2024, with various revisions in between, including a notable increase of 280% overall.

What are the stamp duty and registration fees for properties in Venkatasamy Lane?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Which office handles property registrations for Venkatasamy Lane?

The Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, handles property registrations for Venkatasamy Lane.

How does the guideline value affect property transactions?

The guideline value sets the minimum registration value for properties, impacting the stamp duty and registration fees. It serves as a benchmark for buyers and sellers during property transactions.