Guideline Value for Venkatachala Naicken 1st Lane

Venkatachala Naicken 1st Lane guideline value

The current guideline value for Venkatachala Naicken 1st Lane is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village and falls under the Triplicane SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Venkatachala Naicken 1st Lane has changed

The guideline value for Venkatachala Naicken 1st Lane has seen several revisions over the years. In 2007, the value was Rs 1,145 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012. However, it dropped to Rs 4,020 per sq.ft in 2017. The value then rose to Rs 6,000 per sq.ft in 2023 before reaching the current rate of Rs 6,600 per sq.ft in 2024. The register has no figure for this street in 2002 and 2003.

From 2017 to 2023, there was a notable increase of 49%, and from 2023 to 2024, the change was +10%. The overall change from 2007 to 2024 reflects a substantial increase of 476% in the guideline value.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO, with guideline values ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, which is equal to the current value of Venkatachala Naicken 1st Lane.

• Venkatachala Naicken 2nd Lane: Rs 6,600 per sq.ft (2024)
• Venkatachala Mudali Street: Rs 6,600 per sq.ft (2024)
• Venkatachala Naicken 3rd Lane: Rs 6,600 per sq.ft (2024)
• Venkatachala Naicken Street: Rs 6,600 per sq.ft (2024)
• Venkatachala Chetty Street: Rs 6,600 per sq.ft (2024)
• Venkatesan 1st Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatachala Naicken 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees to Rs 5,94,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more information on fees.

Which Sub Registrar Office covers Venkatachala Naicken 1st Lane?

The Sub Registrar Office covering Venkatachala Naicken 1st Lane is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more details.

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

The guideline value is a critical factor when buying or selling property in Triplicane. It is used to determine the stamp duty and registration fees applicable during the registration process. Buyers must pay the fees based on the guideline value or the sale price, whichever is higher.

When selling property, the guideline value helps establish a baseline for negotiations and ensures compliance with local regulations. Understanding the guideline value is essential for both buyers and sellers in making informed decisions.

Frequently asked questions

What is the current guideline value of Venkatachala Naicken 1st Lane?

The current guideline value of Venkatachala Naicken 1st Lane is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,145 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 476% over the years.

What are the stamp duty and registration fees for property in this area?

The stamp duty is 7% and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees would be Rs 5,94,000.

Which office handles registrations for Venkatachala Naicken 1st Lane?

The Triplicane Sub Registrar Office handles registrations for Venkatachala Naicken 1st Lane, located at No.182 Bharati Salai (pycrafts Road), Royapettah, Chennai-600014.

What is the land classification for Venkatachala Naicken 1st Lane?

The land classification for Venkatachala Naicken 1st Lane is Residential Class I Type - I, indicating its suitability for residential purposes.