Guideline Value for Venkatraman Street

Venkatraman Street guideline value

The current guideline value of Venkatraman Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Venkatraman Street has changed

The guideline value for Venkatraman Street has seen several revisions over the years. In 2007, the value was Rs 800 per sq.ft, which increased significantly to Rs 3,000 per sq.ft in 2012, marking a 275% rise. However, from 2012 to 2017, the value decreased by 33% to Rs 2,010 per sq.ft. The 2023 revision saw a substantial increase of 49%, bringing the value to Rs 3,000 per sq.ft, and the latest revision in 2024 raised it to Rs 3,300 per sq.ft, a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 313%.

Guideline values in Kodambakkam

Kodambakkam village has a total of 1,031 streets under the Ashok Nagar SRO, with 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, making the current value of Venkatraman Street below the median.

• Venkatraman Street (JPT): Rs 2,700 per sq.ft (2024)
• Venugopal Chetty Street: Rs 3,300 per sq.ft (2024)
• Venu Naicken Street Block 40: Rs 2,700 per sq.ft (2024)
• Vethammal Avenue: Rs 7,000 per sq.ft (2024)
• Venkatesapuram Colony 2nd Street (V.P): Rs 4,900 per sq.ft (2024)
• Venkatesapuram Colony 1st Street (V.P): Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatraman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Venkatraman Street?

The Sub Registrar Office that covers Venkatraman Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Kodambakkam. It is used to determine the stamp duty and registration fees that must be paid, ensuring that both the buyer and seller comply with legal requirements.

When a property is sold, the guideline value helps establish a baseline for the transaction, ensuring that the government receives the appropriate taxes based on the property's assessed value. This process helps maintain transparency in real estate transactions within the area.

Frequently asked questions

What is the current guideline value of Venkatraman Street?

The current guideline value of Venkatraman Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 313% over the years.

What is the registration office for Venkatraman Street?

The registration office for Venkatraman Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value or sale price.

How does the guideline value affect property transactions?

The guideline value is essential for determining the stamp duty and registration fees during property transactions, ensuring that the government receives the appropriate taxes based on the property's assessed value.