Guideline Value for Venkateshwara Street

Venkateshwara Street guideline value

The current guideline value of Venkateshwara Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam SRO, classified as Residential Class II Type - II.

How the guideline value of Venkateshwara Street has changed

Over the years, the guideline value of Venkateshwara Street has seen significant changes. In 2002, the guideline value was Rs 808 per sq.ft, which increased to Rs 883 per sq.ft in 2003, marking a 9% rise. The value continued to rise to Rs 1,100 per sq.ft in 2007, reflecting a 25% increase. By 2012, the value had jumped to Rs 3,500 per sq.ft, showing a substantial increase of 218% from the previous revision. However, it then decreased to Rs 2,345 per sq.ft in 2017, which was a decline of 33%.

From 2017 to 2023, the guideline value rose significantly to Rs 3,500 per sq.ft, a 49% increase. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, which is a 10% increase from the previous year. The overall increase from 2002 to 2024 is 376%.

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 in 2024. The median value for these streets is Rs 4,400 per sq.ft, making the current guideline value of Venkateshwara Street below the median.

• Venkatesh Nagar 4th Street: Rs 4,950 per sq.ft (2024)
• Venkatesh Nagar 3rd Street: Rs 4,950 per sq.ft (2024)
• Venkatesh Nagar 2nd 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 Cross Street: Rs 4,950 per sq.ft (2024)
• Venkatesh Nagar 1st Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Venkateshwara Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Venkateshwara Street?

The Sub Registrar Office that covers Venkateshwara Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for any additional information.

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

The guideline value is a critical factor when registering property transactions in Saligramam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is used to calculate the applicable taxes and fees, ensuring that both parties are aware of the financial obligations involved. This process helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Venkateshwara Street?

The current guideline value of Venkateshwara Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 808 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 376% over the years.

What is the land classification for Venkateshwara Street?

Venkateshwara Street is classified as Residential Class II Type - II.

Where can I find the Sub Registrar Office for Venkateshwara Street?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot of 1,000 sq.ft at the current guideline value, the total fees would amount to Rs 3,46,500.