Guideline Value for Venkatesa Street

Venkatesa Street guideline value

The current guideline value of Venkatesa Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam Sub Registrar Office (SRO) and falls under the Residential Class I Type - I land classification.

How the guideline value of Venkatesa Street has changed

The guideline value for Venkatesa Street has undergone several revisions over the years. The earliest recorded figure is from 2002, set at Rs 808 per sq.ft. This increased to Rs 883 per sq.ft in 2003, marking a 9% rise. By 2007, the value jumped significantly to Rs 1,100 per sq.ft, a 25% increase. The 2012 revision saw the value rise to Rs 4,500 per sq.ft, reflecting a substantial 309% increase from the previous figure. However, between 2012 and 2017, the value decreased to Rs 3,015 per sq.ft, which is a decline of 33%. The guideline value then rose to Rs 4,500 per sq.ft in 2023, and the latest revision in 2024 has set it at Rs 4,950 per sq.ft, showing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 513%. There are no figures available for the years not listed in the register for this street.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Venkatesa Street's 2024 figure above that median.

• Venkatesh Nagar 1st Cross Street: Rs 4,950 per sq.ft (2024)
• Venkatesh Nagar 1st Main Road: Rs 4,950 per sq.ft (2024)
• Venkatesh Nagar 1st Street: Rs 4,950 per sq.ft (2024)
• Venkatesh Nagar 2nd Cross Street: Rs 4,950 per sq.ft (2024)
• Venkatesh Nagar 2nd Main Road (Sastri Nagar): Rs 4,950 per sq.ft (2024)
• Venkatesh Nagar 2nd Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesa Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total cost for these fees to Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatesa Street?

The Venkatesa Street falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Saligramam. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the guideline value as it affects the overall cost of property transactions. The registration process requires adherence to these values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Venkatesa Street?

The current guideline value of Venkatesa Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 808 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 513% over the years.

What is the land classification of Venkatesa Street?

Venkatesa Street is classified as Residential Class I Type - I, which indicates its designation for residential purposes.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for properties on Venkatesa Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 3,46,500.