Guideline Value for Venkatesa Naicken Street

Venkatesa Naicken Street guideline value

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

How the guideline value of Venkatesa Naicken Street has changed

Over the years, the guideline value of Venkatesa Naicken Street has seen significant changes. The earliest recorded revision is from 2003, where the value was Rs 861 per sq.ft. This increased to Rs 1,000 per sq.ft in 2007, marking a rise of 16%. The value then surged to Rs 3,500 per sq.ft in 2012, reflecting a substantial increase of 250%. However, by 2017, the value decreased to Rs 2,345 per sq.ft, a drop of 33%. The 2023 revision brought the value back up to Rs 3,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 3,800 per sq.ft, an increase of 9% from the previous year.

In summary, from 2017 to 2023, the guideline value increased by 49%. Overall, from 2003 to 2024, the guideline value has risen by 341%. Notably, there is no figure recorded for the year 2002 in the register for Venkatesa Naicken Street.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 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, indicating that Venkatesa Naicken Street's 2024 figure is below this median.

• Venkatesa Naicken Lane: 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be 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 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 accurate calculations.

Which Sub Registrar Office covers Venkatesa Naicken Street?

The Sub Registrar Office that covers Venkatesa Naicken Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during property registration in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating the sale price to ensure compliance with registration requirements.

When a property is sold, the registration office uses the guideline value to calculate stamp duty and registration fees. This ensures that the fees reflect the current market conditions and property values, providing a fair basis for taxation.

Frequently asked questions

What is the current guideline value of Venkatesa Naicken Street?

The current guideline value of Venkatesa Naicken Street 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 significantly from Rs 861 per sq.ft in 2003 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 341% over this period.

What is the land classification for Venkatesa Naicken Street?

The land classification for Venkatesa Naicken Street is Residential Class II Type - I, indicating its suitability for residential development.

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

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

Where can I find the Sowcarpet Sub Registrar Office?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find more information by visiting the appropriate link.