Guideline Value for Venkatachalam Street /Gandhi Nagar

Venkatachalam Street /Gandhi Nagar guideline value

The current guideline value of Venkatachalam Street /Gandhi Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Residential Class I Type - II.

How the guideline value of Venkatachalam Street /Gandhi Nagar has changed

The guideline value for Venkatachalam Street /Gandhi Nagar has undergone significant changes since 2002. In 2002, the value was Rs 188 per sq.ft, which increased to Rs 213 per sq.ft in 2003, marking a 13% rise. The value continued to rise, reaching Rs 360 per sq.ft in 2007, reflecting a 69% increase from the previous revision. However, there are no figures available for the years 2012 and 2017.

Following the 2007 revision, the guideline value surged to Rs 2,250 per sq.ft in 2023, showcasing a remarkable 525% increase. The most recent revision in 2024 set the value at Rs 2,475 per sq.ft, which is a 10% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 1216%.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 3,300 per sq.ft, with a median value of Rs 2,090 per sq.ft. Venkatachalam Street /Gandhi Nagar's 2024 guideline value is above this median.

• Venkataraman Street /Gandhi Nagar: Rs 2,475 per sq.ft (2024)
• Venkataraman Street /VOC Nagar: Rs 2,750 per sq.ft (2024)
• Venkateswara Nagar: Rs 1,980 per sq.ft (2024)
• Velmurugan Street: Rs 1,760 per sq.ft (2024)
• Vellangani Street: Rs 1,760 per sq.ft (2024)
• Venkateswaran Street /Kamarajar Nagar: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatachalam Street /Gandhi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,475 per sq.ft, the total guideline value would be Rs 24,75,000. The stamp duty at 7% would amount to Rs 1,73,250, and the registration fee at 2% would be Rs 49,500, leading to a total of Rs 2,22,750 for these charges. It's important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Venkatachalam Street /Gandhi Nagar?

The Sub Registrar Office that covers Venkatachalam Street /Gandhi Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Pammal. It serves as the basis for calculating stamp duty and registration fees, which are mandatory costs incurred during the transfer of property ownership.

When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately and fairly in the official register. This process helps maintain transparency and legality in property dealings within the region.

Frequently asked questions

What is the current guideline value for Venkatachalam Street /Gandhi Nagar?

The current guideline value for Venkatachalam Street /Gandhi Nagar is Rs 2,475 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 188 per sq.ft in 2002 to Rs 2,475 per sq.ft in 2024, reflecting an overall increase of 1216% over this period.

What is the land classification for Venkatachalam Street /Gandhi Nagar?

Venkatachalam Street /Gandhi Nagar is classified as Residential Class I Type - II, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for property registration?

The Sub Registrar Office for Venkatachalam Street /Gandhi Nagar is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is stamp duty calculated on property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 24,75,000 would incur a stamp duty of Rs 1,73,250 at the rate of 7%.