Guideline Value for Venkatachalam Street

Venkatachalam Street guideline value

The current guideline value of Venkatachalam Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Cantonment Pallavaram village, under the Pallavaram SRO, and is classified as Residential Class I Type - II.

How the guideline value of Venkatachalam Street has changed

The guideline value for Venkatachalam Street has seen significant changes over the years. In 2003, the guideline value was Rs 174 per sq.ft, which then increased to Rs 300 per sq.ft in 2007, marking a substantial rise of 72%. Following this, the value surged by 900% to Rs 3,000 per sq.ft in 2012. However, it then decreased by 33% to Rs 2,010 per sq.ft in 2017. The value continued to rise, reaching Rs 3,000 per sq.ft in 2023, and then increased by 10% to the current value of Rs 3,300 per sq.ft in 2024.

There is no figure available for Venkatachalam Street in the 2002 revision. Overall, the guideline value has increased by 1797% from Rs 174 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024.

Guideline values in Cantonment Pallavaram

In Cantonment Pallavaram, there are 81 streets under the Pallavaram SRO with a guideline value for 2024 ranging from Rs 1,650 to Rs 11,000 per sq.ft. The median value is Rs 2,700 per sq.ft, placing Venkatachalam Street's 2024 value above this median.

• Venkatachala Naicken Street: Rs 2,200 per sq.ft (2024)
• Veterin Lane: Rs 4,400 per sq.ft (2024)
• Valluvar Street: Rs 2,700 per sq.ft (2024)
• Xavier Street: Rs 2,200 per sq.ft (2024)
• Yadaval Street: Rs 2,700 per sq.ft (2024)
• Tennary Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatachalam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost together to Rs 2,97,000. 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 information.

Which Sub Registrar Office covers Venkatachalam Street?

The Sub Registrar Office that covers Venkatachalam Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process of property transactions in Cantonment Pallavaram. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark. Buyers should be aware that the stamp duty is charged based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Venkatachalam Street?

The current guideline value of Venkatachalam Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 174 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 1797%.

What are the stamp duty and registration fees for property in Venkatachalam Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

Which office handles property registrations for Venkatachalam Street?

The Pallavaram Sub Registrar Office handles property registrations for Venkatachalam Street, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the significance of the guideline value in property transactions?

The guideline value serves as a benchmark for property registration, determining the minimum value at which a property can be registered and influencing the stamp duty and registration fees applicable during a transaction.