Guideline Value for VENKATESA STREET

Venkatesa Street guideline value

The current guideline value of Venkatesa 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 Venkatesa Street has changed

The guideline value for Venkatesa Street has undergone several revisions over the years. In 2002, the guideline value was Rs 78 per sq.ft, which increased to Rs 100 in 2003. The value saw a significant rise to Rs 400 per sq.ft in 2007, followed by a further increase to Rs 1,200 per sq.ft in 2012. However, it decreased to Rs 804 per sq.ft in 2017. The most recent revisions show the value at Rs 1,200 per sq.ft in 2023, and it has now increased to Rs 1,320 per sq.ft in 2024.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, it rose by 10%. The changes from 2002 to 2024 reflect an overall increase of 1,592% in the guideline value for this street.

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 Venkatesa Street's 2024 figure below that median.

• Venkateshwaran 2nd Street: Rs 1,650 per sq.ft (2024)
• Venkateswara Nagar: Rs 1,650 per sq.ft (2024)
• Venkateswara Nagar Extn: Rs 1,650 per sq.ft (2024)
• Venkatnarayanapuram: Rs 1,320 per sq.ft (2024)
• Venkatraman Street Syndicate Bank Colony: Rs 2,750 per sq.ft (2024)
• Vetri Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesa Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be 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 to Rs 1,18,800. Please note that duty is charged on the higher of the guideline value and the sale price. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Venkatesa Street?

The Sub Registrar Office that covers Venkatesa 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 details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Pallikaranai. It is used to determine the stamp duty and registration fees that are applicable to the transaction, ensuring that the government receives the appropriate revenue from property sales.

When a property is sold, the guideline value helps establish a baseline for the transaction. Buyers and sellers should be aware of the current guideline value to ensure they are complying with the legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Venkatesa Street?

The current guideline value of Venkatesa 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 significantly from Rs 78 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 1,592% over this period.

What is the classification of Venkatesa Street?

Venkatesa Street is classified as Residential Class IV Type - II under the Chennai South Joint I SRO.

Where can I find the Sub Registrar Office for Venkatesa Street?

The Sub Registrar Office for Venkatesa Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Venkatesa Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 92,400.