Guideline Value for Venkatesan Street

Venkatesan Street guideline value

The current guideline value of Venkatesan Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Venkatesan Street has changed

The guideline value for Venkatesan Street has seen several revisions over the years. In 2002, the value was Rs 623 per sq.ft, which increased to Rs 766 per sq.ft in 2003. The following revision in 2007 saw a significant rise to Rs 400 per sq.ft, followed by a further increase to Rs 5,000 per sq.ft in 2012. However, in 2017, the value dropped to Rs 3,350 per sq.ft before rising to Rs 5,000 per sq.ft in 2023. The latest revision in 2024 marks an increase to Rs 5,500 per sq.ft.

Between each revision, the changes were notable. From 2002 to 2003, there was an increase of 23%. The value then decreased by 48% from 2003 to 2007. The 2007 to 2012 period saw a massive increase of 1,150%. However, from 2012 to 2017, there was a decrease of 33%. The value increased by 49% from 2017 to 2023, and finally, there was a 10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 783%.

Guideline values in Tambaram

In Tambaram village, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 880 to Rs 8,250 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, placing Venkatesan Street's 2024 figure above that median.

• Venkatesachowdry St: Rs 5,500 per sq.ft (2024)
• Venkatesa Street: Rs 2,200 per sq.ft (2024)
• Venkateswara Nagar: Rs 1,320 per sq.ft (2024)
• Veluchetty Street: Rs 2,200 per sq.ft (2024)
• Venu Street: Rs 3,300 per sq.ft (2024)
• Vetri Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. It is important to note that the 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 information.

Which Sub Registrar Office covers Venkatesan Street?

The Sub Registrar Office that covers Venkatesan Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, MES Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during property transactions in Tambaram. 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.

When a property is registered, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property in the market.

Frequently asked questions

What is the current guideline value of Venkatesan Street?

The current guideline value of Venkatesan Street is Rs 5,500 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 623 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 783% over this period.

What are the stamp duty and registration fees for properties in Venkatesan Street?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles property registrations for Venkatesan Street?

The Tambaram Joint 1 Sub Registrar Office handles property registrations for Venkatesan Street, located at No.26, MES Road, East Tambaram, Chennai-600059.

What is the median guideline value in Tambaram?

The median guideline value in Tambaram village is Rs 3,300 per sq.ft, with Venkatesan Street's value being above this median.