Guideline Value for Venkatesapuram 1st Cross Street

Venkatesapuram 1st Cross Street guideline value

The current guideline value for Venkatesapuram 1st Cross Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Kottivakkam village under the Adayar SRO, classified as Residential Class V Type - III.

How the guideline value of Venkatesapuram 1st Cross Street has changed

The guideline value for Venkatesapuram 1st Cross Street has undergone several revisions over the years. Starting from the 2003 revision, the value was Rs 306 per sq.ft. This increased significantly to Rs 1,000 per sq.ft in 2007, followed by a rise to Rs 1,500 per sq.ft in 2012. However, the value then decreased to Rs 1,005 per sq.ft in 2017. The subsequent revision in 2023 saw a substantial increase to Rs 1,500 per sq.ft, and the latest revision in 2024 has set the value at Rs 1,700 per sq.ft.

Notably, there is no figure available for the year 2002 in the register for this street. The changes between revisions include a 227% increase from 2003 to 2007, a 50% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 13% increase from 2023 to 2024. Overall, the guideline value has increased by 456% from 2003 to 2024.

Guideline values in Kottivakkam

In Kottivakkam, there are 284 streets under the Adayar SRO with a 2024 guideline value ranging from Rs 1,700 to Rs 8,500 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, placing Venkatesapuram 1st Cross Street's 2024 figure below that median.

• Venkatesapuram 1st Street: Rs 1,700 per sq.ft (2024)
• Venkatesapuram 2nd Cross Street: Rs 1,700 per sq.ft (2024)
• Venkatesapuram 2nd Street: Rs 1,700 per sq.ft (2024)
• Venkatesapuram 3rd Street: Rs 1,700 per sq.ft (2024)
• Venkatesapuram 4th Street: Rs 1,700 per sq.ft (2024)
• Venkatesapuram 5th Cross Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesapuram 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total cost for these fees to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating your fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatesapuram 1st Cross Street?

The Venkatesapuram 1st Cross Street falls under the jurisdiction of the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. For more details, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kottivakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value as per the government’s assessment.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of ownership. This ensures that both the buyer and seller adhere to the legal requirements during the transaction.

Frequently asked questions

What is the current guideline value for Venkatesapuram 1st Cross Street?

The current guideline value for Venkatesapuram 1st Cross Street is Rs 1,700 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 306 per sq.ft in 2003 to Rs 1,700 per sq.ft in 2024, reflecting a total increase of 456% over this period.

What are the other streets in Kottivakkam with the same guideline value?

Other streets in Kottivakkam with the same guideline value of Rs 1,700 per sq.ft in 2024 include Venkatesapuram 1st Street, Venkatesapuram 2nd Cross Street, Venkatesapuram 2nd Street, Venkatesapuram 3rd Street, Venkatesapuram 4th Street, and Venkatesapuram 5th Cross Street.

What fees are involved when purchasing property in Venkatesapuram 1st Cross Street?

When purchasing property in Venkatesapuram 1st Cross Street, the fees include stamp duty at 7% and a registration fee at 2% of the guideline value. For a 1,000 sq.ft plot, these fees would total Rs 1,53,000.

Where can I find my Sub Registrar Office?

The Sub Registrar Office covering Venkatesapuram 1st Cross Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find more details online.