Guideline Value for Venkatesapuram 8th Street

Venkatesapuram 8th Street guideline value

The current guideline value of Venkatesapuram 8th Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Kottivakkam village, under the Adayar SRO, and is classified as Residential Class V Type - III.

How the guideline value of Venkatesapuram 8th Street has changed

The guideline value for Venkatesapuram 8th Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 1,700 per sq.ft, which follows the 2023 revision of Rs 1,500 per sq.ft, marking a change of +13%. Looking further back, the 2017 revision was Rs 1,005 per sq.ft, showing a significant increase of +49% to the 2023 figure. The 2012 revision also listed a value of Rs 1,500 per sq.ft, indicating a decrease of -33% to the 2017 figure. The register does not provide figures for the years 2002, 2003, and 2007 for this street.

Overall, comparing the 2012 revision to the current 2024 value, there has been a +13% increase. This indicates a gradual adjustment in the guideline value over the years, reflecting changes in the local real estate landscape.

Guideline values in Kottivakkam

Kottivakkam village has a total of 284 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 8,500 per sq.ft, with a median value of Rs 3,900 per sq.ft. The guideline value for Venkatesapuram 8th Street is below this median.

• Venkatesapuram 7th Street: Rs 1,700 per sq.ft (2024)
• Venkatesapuram 9th Cross Street: Rs 1,700 per sq.ft (2024)
• Venkatesapuram 6th Street: Rs 1,700 per sq.ft (2024)
• Venkatesapuram 5th Street: Rs 1,700 per sq.ft (2024)
• Venkatesapuram 5th Cross Street: Rs 1,700 per sq.ft (2024)
• Venkatesapuram 4th Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesapuram 8th 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 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatesapuram 8th Street?

The Venkatesapuram 8th Street falls under the Adayar Sub Registrar Office located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Kottivakkam. It serves as the minimum value for which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps in determining the official price of the property, which is essential for legal and financial documentation. It is important for both buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of Venkatesapuram 8th Street?

The current guideline value of Venkatesapuram 8th 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 from Rs 1,500 per sq.ft in 2023 to Rs 1,700 per sq.ft in 2024, marking a +13% increase. It was Rs 1,005 per sq.ft in 2017 and Rs 1,500 per sq.ft in 2012, with various changes noted between these years.

What is the land classification of Venkatesapuram 8th Street?

Venkatesapuram 8th Street is classified as Residential Class V Type - III. This classification impacts the guideline value and the types of properties permitted in the area.

Where can I find the Adayar Sub Registrar Office?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20, Chennai registration zone. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in Kottivakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 17,00,000 would incur a stamp duty of Rs 1,19,000 at 7%.