Guideline Value for Venkatraman Lane

Venkatraman Lane guideline value

The current guideline value of Venkatraman Lane is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet Sub Registrar Office (SRO). The land classification for this area is Residential Special Type - III.

How the guideline value of Venkatraman Lane has changed

The guideline value for Venkatraman Lane has seen significant changes over the years. In 2003, the value was Rs 1,174 per sq.ft, which increased to Rs 1,600 per sq.ft in 2007. Following this, there was a substantial rise to Rs 4,500 per sq.ft in 2012. However, the value decreased to Rs 3,015 per sq.ft in 2017 before climbing to Rs 4,500 per sq.ft in 2023. The latest revision in 2024 set the guideline value at Rs 4,900 per sq.ft, marking a 9% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 317%. The register does not have a figure for the year 2002 for this street.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, positioning Venkatraman Lane's 2024 figure above this median.

• Venkatrama Aiyer Street: Rs 4,400 per sq.ft (2024)
• Venkatrayar Street: Rs 4,900 per sq.ft (2024)
• Venkatesa Naicken Street: Rs 3,800 per sq.ft (2024)
• Venkatesa Naicken Lane: Rs 3,800 per sq.ft (2024)
• Venkatesa Maistry Street: Rs 4,400 per sq.ft (2024)
• Venkatesa Lane: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatraman Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total fees to Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your own fees using our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatraman Lane?

The Sub Registrar Office covering Venkatraman Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Muthiyalpet. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being sold or purchased.

When a buyer approaches the registration office, the guideline value will be used to calculate the necessary fees, ensuring that both parties adhere to the legal requirements during the transaction process.

Frequently asked questions

What is the current guideline value of Venkatraman Lane?

The current guideline value of Venkatraman Lane is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,174 per sq.ft in 2003 to Rs 4,900 per sq.ft in 2024, with various revisions in between, including a notable increase of 317% overall from 2003 to 2024.

What are the other streets in Muthiyalpet with their guideline values?

Other streets in Muthiyalpet include Venkatrama Aiyer Street at Rs 4,400 per sq.ft, Venkatrayar Street at Rs 4,900 per sq.ft, and Venkatesa Naicken Street at Rs 3,800 per sq.ft, among others.

How is the stamp duty calculated for properties in Venkatraman Lane?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000.

Where can I find the Sub Registrar Office for Venkatraman Lane?

The Sub Registrar Office for Venkatraman Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.