Guideline Value for Venkatesa Lane

Venkatesa Lane guideline value

The current guideline value of Venkatesa Lane in Muthiyalpet village is Rs 3,800 per sq.ft, effective from 1 July 2024. This street falls under the Sowcarpet SRO and is classified as Residential Class II Type - I.

How the guideline value of Venkatesa Lane has changed

The guideline value for Venkatesa Lane has undergone several revisions over the years. In 2003, the value was Rs 797 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007. Following this, there was a significant rise to Rs 3,500 per sq.ft in 2012, but this was followed by a decrease to Rs 2,345 per sq.ft in 2017. The value then increased to Rs 3,500 per sq.ft in 2023, and currently stands at Rs 3,800 per sq.ft in 2024. The register has no figure for this street for the year 2002.

From 2017 to 2023, the guideline value increased by 49%, while from 2023 to 2024, it saw a rise of 9%. The most notable change was from 2007 to 2012, where the value increased by 250%. Overall, from 2003 to 2024, the guideline value has increased by 377%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, positioning Venkatesa Lane's 2024 figure below that median.

• Venkatesa Maistry Street: Rs 4,400 per sq.ft (2024)
• Venkatesa Chetty 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)
• Venkatasamy Lane: 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 Venkatesa 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 to Rs 3,42,000. It is important to note that 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 Venkatesa Lane?

The Sub Registrar Office that covers Venkatesa 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 plays a crucial role during the registration of property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that all transactions are conducted transparently and fairly.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Venkatesa Lane?

The current guideline value of Venkatesa 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 seen various changes, starting from Rs 797 per sq.ft in 2003 to Rs 3,800 per sq.ft in 2024, marking an overall increase of 377% from 2003 to 2024.

What is the land classification for Venkatesa Lane?

Venkatesa Lane is classified as Residential Class II Type - I under the current guidelines.

What are the stamp duty and registration fees for Venkatesa 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.

Where can I find the Sub Registrar Office for Venkatesa Lane?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01, and is responsible for the registration of properties in Venkatesa Lane.