Guideline Value for Venugopal 1st Street

Venugopal 1st Street guideline value

The current guideline value of Venugopal 1st Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village under the Selaiyur SRO and falls under the Residential Class III Type - I land classification.

How the guideline value of Venugopal 1st Street has changed

Over the years, the guideline value of Venugopal 1st Street has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision, marking a decrease of 33%. The value increased to Rs 1,200 per sq.ft in the 2023 revision, and the latest 2024 revision has further increased it to Rs 1,300 per sq.ft, reflecting an 8% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. From 2012 to 2024, the overall change in guideline value is an increase of 8%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, positioning Venugopal 1st Street's 2024 figure below that median.

• Venugopal 2nd Street: Rs 1,300 per sq.ft (2024)
• Venugopal Nagar: Rs 1,300 per sq.ft (2024)
• Venugopal Nagar 1st Street: Rs 1,300 per sq.ft (2024)
• Venugopal Nagar 2nd Street: Rs 1,300 per sq.ft (2024)
• Venugopal Nagar 3rd Street: Rs 1,300 per sq.ft (2024)
• Venugopal Nagar Extn.: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Venugopal 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Venugopal 1st Street?

The Sub Registrar Office that covers Venugopal 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Chembakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value is considered alongside the sale price. The higher of the two values is used to determine the applicable stamp duty and registration fees, making it essential for buyers and sellers to be aware of the current guideline values.

Frequently asked questions

What is the current guideline value of Venugopal 1st Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 1,300 per sq.ft, the stamp duty would be Rs 91,000, and the registration fee would be Rs 26,000 for a 1,000 sq.ft plot, totaling Rs 1,17,000.

Which office handles registrations for Venugopal 1st Street?

The Selaiyur Sub Registrar Office handles registrations for Venugopal 1st Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the median guideline value in Chembakkam?

The median guideline value in Chembakkam is Rs 2,200 per sq.ft, which is higher than the current guideline value of Venugopal 1st Street.