Guideline Value for Venkatesa Naicken Lane

Venkatesa Naicken Lane guideline value

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

How the guideline value of Venkatesa Naicken Lane has changed

The guideline value for Venkatesa Naicken Lane has experienced several revisions over the years. The earliest recorded figure is from 2003, where the value was Rs 861 per sq.ft. In 2007, it increased significantly to Rs 1,000 per sq.ft, followed by a substantial rise to Rs 3,500 per sq.ft in 2012. The value then decreased to Rs 2,345 per sq.ft in 2017, before climbing to Rs 3,500 per sq.ft in 2023, and finally reaching Rs 3,800 per sq.ft in 2024.

In terms of percentage changes, the value increased by 16% from 2003 to 2007, then surged by 250% from 2007 to 2012. There was a decrease of 33% from 2012 to 2017, followed by a significant increase of 49% from 2017 to 2023. The most recent revision from 2023 to 2024 saw an increase of 9%. Overall, from 2003 to 2024, the guideline value has risen by 341%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft, with a median of Rs 4,400 per sq.ft. The guideline value for Venkatesa Naicken Lane is below this median.

• Venkatesa Naicken Street: Rs 3,800 per sq.ft (2024)
• Venkatesa Maistry Street: Rs 4,400 per sq.ft (2024)
• Venkatesa Lane: Rs 3,800 per sq.ft (2024)
• Venkatesa Chetty Street: Rs 4,400 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 Naicken 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, charged at 7%, would amount to Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, totaling Rs 3,42,000. Note that the 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 more information.

Which Sub Registrar Office covers Venkatesa Naicken Lane?

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

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

The guideline value is used as a benchmark for determining the minimum value of property transactions in Muthiyalpet. When buying or selling property, this value is essential for calculating the applicable stamp duty and registration fees.

During the registration process, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. It is important for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration of property.

Frequently asked questions

What is the current guideline value of Venkatesa Naicken Lane?

The current guideline value of Venkatesa Naicken 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 861 per sq.ft in 2003 to Rs 3,800 per sq.ft in 2024, with several revisions in between, including a peak of Rs 3,500 per sq.ft in 2012 and a drop to Rs 2,345 per sq.ft in 2017.

What is the land classification for Venkatesa Naicken Lane?

Venkatesa Naicken Lane is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

Where can I find the Sowcarpet Sub Registrar Office?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01. It handles registrations for properties in this area.

How is stamp duty calculated for properties in Venkatesa Naicken Lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 at a rate of 7%.