Guideline Value for Venkatesa Maistry Street

Venkatesa Maistry Street guideline value

The current guideline value of Venkatesa Maistry Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Residential Class I Type - I.

How the guideline value of Venkatesa Maistry Street has changed

The guideline value for Venkatesa Maistry Street has seen significant changes over the years. In the 2003 revision, the value was Rs 941 per sq.ft, which increased to Rs 1,200 per sq.ft in 2007. Following this, the 2012 revision showed a value of Rs 4,000 per sq.ft, which then decreased to Rs 2,680 per sq.ft in 2017. The 2023 revision set the value at Rs 4,000 per sq.ft, and the current 2024 revision has increased it to Rs 4,400 per sq.ft. The register has no figure for this street for the year 2002.

From 2017 to 2023, the guideline value increased by 49%, while the latest change from 2023 to 2024 represents a 10% increase. The largest increase occurred between 2007 and 2012, with a remarkable rise of 233%. Overall, from 2003 to 2024, the guideline value has increased by 368%.

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, which matches the current value of Venkatesa Maistry Street.

• Venkatesa Lane: Rs 3,800 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 Maistry Street

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

Which Sub Registrar Office covers Venkatesa Maistry Street?

The Sub Registrar Office that covers Venkatesa Maistry Street 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 an essential factor in property transactions in Muthiyalpet, as it determines the minimum value at which properties can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are aligned with the official property valuation.

Buyers and sellers must be aware that the guideline value may differ from the actual sale price. However, the stamp duty is charged based on the higher of the two values, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Venkatesa Maistry Street?

The current guideline value of Venkatesa Maistry 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 941 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 368% over this period.

What is the stamp duty rate for properties in Venkatesa Maistry Street?

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

Where is the Sowcarpet Sub Registrar Office located?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What are the other streets in Muthiyalpet with their guideline values?

Other streets in Muthiyalpet include Venkatesa Lane at Rs 3,800 per sq.ft, Venkatesa Chetty Street at Rs 4,400 per sq.ft, and Venkatachalam Mudal Street at Rs 4,900 per sq.ft, among others.