Guideline Value for Venkatachala Naicken Street

Venkatachala Naicken Street guideline value

The current guideline value of Venkatachala Naicken Street 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 Street has changed

Over the years, the guideline value of Venkatachala Naicken Street has seen significant changes. The 2007 revision set the value at Rs 1,145 per sq.ft, which then increased to Rs 6,000 per sq.ft in both the 2012 and 2023 revisions. The most recent 2024 revision raised the value to Rs 6,600 per sq.ft, marking a 10% increase from the previous year.

Notably, there are no figures available for the revisions in 2002, 2003, and 2017. The increase from the 2007 revision to the 2012 revision was a substantial 424%, and the overall increase from 2007 to 2024 is 476%.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that carry a guideline value in 2024, 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 Street.

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

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 charges to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Venkatachala Naicken Street?

The Sub Registrar Office that covers Venkatachala Naicken Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Triplicane. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When a property is registered, the guideline value is used to calculate the necessary fees, ensuring that both buyers and sellers adhere to the legal requirements set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Venkatachala Naicken Street?

The current guideline value of Venkatachala Naicken Street 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 significantly 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 is the land classification for Venkatachala Naicken Street?

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

Where is the Triplicane Sub Registrar Office located?

The Triplicane Sub Registrar Office is located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014.

How is stamp duty calculated for properties in Triplicane?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.