Guideline Value for Venkatachalapathy street

Venkatachalapathy street guideline value

The current guideline value of Venkatachalapathy street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Egmore village and falls under the Periamet SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Venkatachalapathy street has changed

The guideline value for Venkatachalapathy street has seen several revisions over the years. In 2002, the value was Rs 1,440 per sq.ft, which increased to Rs 1,588 per sq.ft in 2003. Following this, the value rose significantly to Rs 3,000 per sq.ft in 2007, and then to Rs 3,600 per sq.ft in 2012. However, there was a decrease to Rs 2,412 per sq.ft in 2017. The value then increased to Rs 3,600 per sq.ft in 2023, and finally to the current rate of Rs 3,900 per sq.ft in 2024.

The changes between the revisions show a fluctuation in the guideline value. From 2002 to 2003, there was a 10% increase. The value saw a substantial rise of 89% from 2003 to 2007. From 2007 to 2012, it increased by 20%, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, culminating in an 8% increase from 2023 to 2024. Overall, the guideline value from 2002 to 2024 has increased by 171%.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 22,000 per sq.ft, with a median value of Rs 7,100 per sq.ft. Venkatachalapathy street's 2024 figure of Rs 3,900 per sq.ft is below this median.

• Venkatachalapathy Street IIIrd Lane: Rs 3,900 per sq.ft (2024)
• Venkatachalapathy Street IInd Lane: Rs 3,900 per sq.ft (2024)
• Venkatachalapathy Street Ist Lane: Rs 3,900 per sq.ft (2024)
• Venkatachala Acahri street: Rs 3,900 per sq.ft (2024)
• Vengu Pillai street: Rs 3,900 per sq.ft (2024)
• Venkatasamy Naidu street: Rs 11,000 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatachalapathy street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000. Together, the total cost for these fees would be Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Venkatachalapathy street?

The Sub Registrar Office that covers Venkatachalapathy street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Egmore. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that need to be paid during the transaction.

When a buyer or seller approaches the Sub Registrar Office for registration, the guideline value ensures that the property is not undervalued. The fees are calculated based on this value or the sale price, whichever is higher, ensuring compliance with the regulations set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Venkatachalapathy street?

The current guideline value of Venkatachalapathy 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 multiple times, starting from Rs 1,440 per sq.ft in 2002 to the current value of Rs 3,900 per sq.ft in 2024, reflecting a significant increase overall.

What is the land classification for Venkatachalapathy street?

The land classification for Venkatachalapathy street is Residential Class III Type - I.

Where can I find the Sub Registrar Office for Venkatachalapathy street?

The Sub Registrar Office for Venkatachalapathy street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How are stamp duty and registration fees calculated for properties in Egmore?

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