Guideline Value for Venkatachalam Street

Venkatachalam Street guideline value

The current guideline value of Venkatachalam Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Palavanthangal village, under the Alandur SRO, with a land classification of Residential Class I Type - III.

How the guideline value of Venkatachalam Street has changed

The guideline value for Venkatachalam Street has undergone several revisions over the years. The earliest recorded figure is from 2007, which was Rs 1,250 per sq.ft. This figure increased significantly to Rs 3,500 per sq.ft in 2012, marking a rise of 180%. However, from 2012 to 2017, the value decreased to Rs 2,345 per sq.ft, a decline of 33%. The value then saw a substantial increase to Rs 3,500 per sq.ft in 2023, representing a 49% rise. The latest revision in 2024 raised the guideline value to Rs 3,900 per sq.ft, an increase of 11% from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 212%.

Guideline values in Palavanthangal

In Palavanthangal, there are 95 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, which is the same as the guideline value for Venkatachalam Street.

• Vempuli Amman Koil Street: Rs 3,900 per sq.ft (2024)
• Vembuliamman Koil Extension: Rs 3,900 per sq.ft (2024)
• Veerama Munivar Street: Rs 3,900 per sq.ft (2024)
• West Side Nehru Main Road: Rs 3,300 per sq.ft (2024)
• Thurairaj Sreet: Rs 4,400 per sq.ft (2024)
• Thurairaj Lane: 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 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, leading to a total cost of Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Venkatachalam Street?

The Sub Registrar Office that covers Venkatachalam Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Palavanthangal. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately for legal purposes.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Venkatachalam Street?

The current guideline value of Venkatachalam Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,250 per sq.ft in 2007 to Rs 3,900 per sq.ft in 2024, reflecting a significant overall increase of 212%.

What are the other streets in Palavanthangal with the same guideline value?

Other streets in Palavanthangal with the same guideline value of Rs 3,900 per sq.ft include Vempuli Amman Koil Street, Vembuliamman Koil Extension, and Veerama Munivar Street.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions is 7% of the guideline value or the sale price, whichever is higher.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.