Guideline Value for VENKATATHIRI NAICKEN STREET

Venkatathiri Naicken Street guideline value

The current guideline value of Venkatathiri Naicken Street is Rs 6,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class II Type - II.

How the guideline value of Venkatathiri Naicken Street has changed

The guideline value for Venkatathiri Naicken Street has seen several revisions over the years. In 2007, the value was Rs 1,100 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012. However, this value dropped to Rs 4,020 per sq.ft in 2017. The next revision in 2023 set the value at Rs 6,000 per sq.ft, and the most recent revision in 2024 raised it to Rs 6,500 per sq.ft. The register has no figure for this street for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, there was an 8% increase. Notably, the overall change from 2007 to 2024 is an increase of 491%, with the largest jump occurring from 2007 to 2012 at 445%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft, with a median value of Rs 5,500 per sq.ft. Venkatathiri Naicken Street's 2024 guideline value is above this median.

• Venkatesan Naicken Lane: Rs 5,500 per sq.ft (2024)
• Venkatasalam Street: Rs 6,500 per sq.ft (2024)
• Venkatesan Street: Rs 5,500 per sq.ft (2024)
• Venkatesa Pakthan Street: Rs 5,500 per sq.ft (2024)
• Venkatapathy Street: Rs 6,000 per sq.ft (2024)
• Venkatammal Samadhi Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatathiri Naicken Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,500 per sq.ft, the total guideline value amounts to Rs 65,00,000. The stamp duty at 7% would be Rs 4,55,000, and the registration fee at 2% would be Rs 1,30,000, bringing the total to Rs 5,85,000. Duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatathiri Naicken Street?

The Sub Registrar Office that covers Venkatathiri Naicken Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Purasaivakkam. It serves as a benchmark for calculating the stamp duty and registration fees that need to be paid when a property is bought or sold.

When you register a property, the guideline value is used to determine the applicable fees, ensuring that both buyers and sellers are aware of the financial obligations involved in the transaction. It is important to consult the guideline value register to understand the current rates applicable to the property in question.

Frequently asked questions

What is the current guideline value of Venkatathiri Naicken Street?

The current guideline value of Venkatathiri Naicken Street is Rs 6,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 1,100 per sq.ft to Rs 6,500 per sq.ft in 2024, marking an overall increase of 491%.

What is the land classification for Venkatathiri Naicken Street?

Venkatathiri Naicken Street is classified as Residential Class II Type - II, indicating its suitability for residential development.

What is the stamp duty rate applicable to properties in this area?

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

Where can I find the Sub Registrar Office for Venkatathiri Naicken Street?

The Sub Registrar Office for Venkatathiri Naicken Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.