Guideline Value for Venkatachala Naicken 3rd Lane

Venkatachala Naicken 3rd Lane guideline value

The current guideline value of Venkatachala Naicken 3rd Lane is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village under the Triplicane SRO, classified as Residential Class I Type - I.

How the guideline value of Venkatachala Naicken 3rd Lane has changed

The guideline value for Venkatachala Naicken 3rd Lane has seen significant changes over the years. In the 2007 revision, the value was Rs 1,145 per sq.ft, which increased dramatically to Rs 6,000 per sq.ft in both the 2012 and 2023 revisions. The 2024 revision marked another increase to Rs 6,600 per sq.ft, reflecting a 10% rise from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 476%. Notably, there are no figures available for the years 2002, 2003, and 2017 for this street.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that have a 2024 guideline value 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 guideline value of Venkatachala Naicken 3rd Lane.

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

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatachala Naicken 3rd Lane?

The Sub Registrar Office that covers Venkatachala Naicken 3rd Lane is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Triplicane. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid to the government during the transaction.

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

Frequently asked questions

What is the current guideline value of Venkatachala Naicken 3rd Lane?

The current guideline value of Venkatachala Naicken 3rd Lane is Rs 6,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 1,145 per sq.ft to Rs 6,600 per sq.ft in 2024, marking an overall increase of 476%.

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

For a property of 1,000 sq.ft at the current guideline value, the total stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which office handles property registrations in Triplicane?

The Triplicane Sub Registrar Office handles property registrations in Triplicane, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. The higher of the guideline value or the sale price is taken into account for these calculations.