Guideline Value for Venugopal Chetty Street

Venugopal Chetty Street guideline value

The current guideline value of Venugopal Chetty 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 Venugopal Chetty Street has changed

The guideline value for Venugopal Chetty 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 by 2012, marking a substantial rise of 275%. However, from 2012 to 2017, the value decreased to Rs 2,010 per sq.ft, a decline of 33%. The value then rose to Rs 3,000 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, a 10% increase from the previous year.

It is important to note that there are no figures available for Venugopal Chetty Street in the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 313%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft as of 2024. The median value for these streets is Rs 4,900 per sq.ft, placing Venugopal Chetty Street's 2024 figure below that median.

• Venkatraman Street (JPT): Rs 2,700 per sq.ft (2024)
• Venkatraman 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 Venugopal Chetty Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be 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 higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venugopal Chetty Street?

Venugopal Chetty Street is covered by the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Kodambakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value will be compared with the sale price, and the higher of the two will be used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Venugopal Chetty Street?

The current guideline value of Venugopal Chetty 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, reflecting an overall increase of 313% over the years.

What are the stamp duty rates for properties in Venugopal Chetty Street?

The stamp duty for properties in Venugopal Chetty Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Venugopal Chetty Street?

The Ashok Nagar Sub Registrar Office covers Venugopal Chetty Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification for Venugopal Chetty Street?

Venugopal Chetty Street is classified as Residential Class IV Type - II under the local land classification system.