Guideline Value for Venkatachalam Naicken Street

Venkatachalam Naicken Street guideline value

The current guideline value of Venkatachalam Naicken Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village, under the jurisdiction of the Royapuram SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Venkatachalam Naicken Street has changed

Over the years, the guideline value of Venkatachalam Naicken Street has seen several revisions. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased to Rs 2,000 per sq.ft in 2012, marking a 100% rise. However, the value decreased by 33% to Rs 1,340 per sq.ft in 2017. The 2023 revision brought the value up to Rs 2,000 per sq.ft, and the latest 2024 revision has set it at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 120%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO, with guideline values ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Venkatachalam Naicken Street's 2024 figure above that median.

• Venkatachalam Naicken Lane: Rs 2,200 per sq.ft (2024)
• Venkatachalam Street: Rs 2,200 per sq.ft (2024)
• Venkatesa (N) 1St Lane: Rs 1,300 per sq.ft (2024)
• Venkatesa (N) 2nd Lane: Rs 1,300 per sq.ft (2024)
• Venkatesa (N) 3rd Lane: Rs 1,300 per sq.ft (2024)
• Venkatesa (N) 4th Lane: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatachalam Naicken Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty, charged at 7%, would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, these fees total Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Venkatachalam Naicken Street?

The Venkatachalam Naicken Street falls under the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during property registration in Tondaiarpet. It serves as the benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value rather than negotiated sale prices.

When buying or selling property, it is essential to be aware of the guideline value, as it directly influences the overall transaction costs. Buyers should ensure they are informed about the current guideline value to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value of Venkatachalam Naicken Street?

The current guideline value of Venkatachalam Naicken Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting a total increase of 120% over the years.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Venkatachalam Naicken Street?

The Royapuram Sub Registrar Office handles registrations for Venkatachalam Naicken Street, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

What is the significance of the guideline value?

The guideline value is used to determine the stamp duty and registration fees during property transactions, ensuring that these costs are based on a standardized valuation rather than the sale price.