Guideline Value for VENKATESA PAKTHAN STREET

Venkatesa Pakthan Street guideline value

The current guideline value of Venkatesa Pakthan Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village under the Purasaivakkam SRO, classified as Residential Class III Type - I.

How the guideline value of Venkatesa Pakthan Street has changed

Over the years, the guideline value for Venkatesa Pakthan Street has seen several revisions. The earliest recorded revision is from 2007, where the value was Rs 1,100 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a substantial rise of 355%. However, by 2017, the value decreased to Rs 3,350 per sq.ft, a drop of 33%. The 2023 revision saw an increase to Rs 5,000 per sq.ft, which was then raised to Rs 5,500 per sq.ft in 2024, reflecting a 10% increase.

Between the 2017 and 2023 revisions, the guideline value rose by 49%. The overall change from the 2007 figure to the current 2024 value represents a remarkable increase of 400%. It is important to note that there are no figures recorded for the years 2002 and 2003 for this street.

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. The median value is Rs 5,500 per sq.ft, which aligns with the current guideline value of Venkatesa Pakthan Street.

• Venkatesan Street: Rs 5,500 per sq.ft (2024)
• Venkatesan Naicken Lane: Rs 5,500 per sq.ft (2024)
• Venkatathiri Naicken Street: Rs 6,500 per sq.ft (2024)
• Venkatasalam Street: Rs 6,500 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 Venkatesa Pakthan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. 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 Venkatesa Pakthan Street?

The Sub Registrar Office that covers Venkatesa Pakthan 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 plays a crucial role in the registration process when buying or selling property in Purasaivakkam. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that both parties are aware of the costs involved.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the duties. This ensures that the government receives appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Venkatesa Pakthan Street?

The current guideline value of Venkatesa Pakthan Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 400% over the years.

What is the land classification for Venkatesa Pakthan Street?

Venkatesa Pakthan Street is classified as Residential Class III Type - I.

What are the stamp duty rates for properties on this street?

The stamp duty for properties on Venkatesa Pakthan Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located for this street?

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