Guideline Value for VASUKI STREET

Vasuki Street guideline value

The current guideline value of Vasuki Street in Pallikaranai village is Rs 1,320 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - II.

How the guideline value of Vasuki Street has changed

The guideline value for Vasuki Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then decreased to Rs 804 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,200 per sq.ft, and the latest revision in 2024 has raised it further to Rs 1,320 per sq.ft.

In terms of percentage changes, the guideline value increased by 10% from 2023 to 2024. From 2017 to 2023, there was a significant increase of 49%. However, from 2012 to 2017, the value decreased by 33%. Overall, when comparing the 2012 and 2024 revisions, there has been a 10% increase in the guideline value.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Vasuki Street's 2024 figure below that median.

• Varathrajapuram Main Road: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 5th Street: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 4th Street: Rs 2,200 per sq.ft (2024)
• Varatharajapuram 3rd Street: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 3rd Cross Street: Rs 2,750 per sq.ft (2024)
• Varatharajapuram 2nd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Vasuki Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees to Rs 1,18,800. 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 Vasuki Street?

The Sub Registrar Office that covers Vasuki Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which property transactions can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When a property is sold, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are essential for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Vasuki Street?

The current guideline value of Vasuki Street is Rs 1,320 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 1,320 per sq.ft in 2024.

What are the other guideline values in Pallikaranai?

In Pallikaranai, the guideline values range from Rs 1,110 to Rs 8,580 per sq.ft, with a median value of Rs 1,650 per sq.ft.

What are the stamp duty and registration fees for Vasuki Street?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Which office registers properties in Pallikaranai?

The Chennai South Joint I Sub Registrar Office is responsible for registering properties in Pallikaranai, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.