Guideline Value for Venkatarathinam Nagar

Venkatarathinam Nagar guideline value

The current guideline value of Venkatarathinam Nagar is Rs 9,400 per sq.ft, effective from 1 July 2024. This area is located in Pallipattu village under the Adayar SRO, classified as Residential Special Type - I.

How the guideline value of Venkatarathinam Nagar has changed

In the 2012 revision, the guideline value was set at Rs 8,500 per sq.ft. This figure remained unchanged until the 2017 revision, which saw a decrease to Rs 5,695 per sq.ft. The 2023 revision brought the value back up to Rs 8,500 per sq.ft, and the most recent 2024 revision has increased it further to Rs 9,400 per sq.ft, marking an 11% rise from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2012 revision to the 2024 revision, there has been an 11% increase in the guideline value. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Pallipattu

Pallipattu village has 72 streets under the Adayar SRO, with guideline values ranging from Rs 3,300 to Rs 15,400 per sq.ft. The median guideline value is Rs 9,400 per sq.ft, which is equal to the current guideline value of Venkatarathinam Nagar.

• Venkatarathinam Main Road: Rs 9,400 per sq.ft (2024)
• Venkatarathinam Nagar Extension 1st Street: Rs 9,400 per sq.ft (2024)
• Venkatarathinam 8th Cross Street: Rs 9,400 per sq.ft (2024)
• Venkatarathinam Nagar Extension 2nd Street: Rs 9,400 per sq.ft (2024)
• Venkatarathinam 7th Cross Street: Rs 9,400 per sq.ft (2024)
• Venkatarathinam 6th Cross Street: Rs 9,400 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatarathinam Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 9,400 per sq.ft, the total guideline value amounts to Rs 94,00,000. The stamp duty is calculated at 7%, totaling Rs 6,58,000, while the registration fee is 2%, amounting to Rs 1,88,000. Together, the total cost for stamp duty and registration fee is Rs 8,46,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venkatarathinam Nagar?

The Sub Registrar Office that covers Venkatarathinam Nagar is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Pallipattu. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Venkatarathinam Nagar?

The current guideline value of Venkatarathinam Nagar is Rs 9,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions: Rs 8,500 per sq.ft in 2012, Rs 5,695 per sq.ft in 2017, Rs 8,500 per sq.ft in 2023, and finally Rs 9,400 per sq.ft in 2024. The largest increase occurred from 2017 to 2023, with a rise of 49%.

What is the land classification for Venkatarathinam Nagar?

Venkatarathinam Nagar is classified as Residential Special Type - I. This classification impacts the guideline value and the types of developments allowed in the area.

How is stamp duty calculated in Venkatarathinam Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 94,00,000, the stamp duty would amount to Rs 6,58,000 at a rate of 7%.

Which office handles property registrations in Pallipattu?

The Adayar Sub Registrar Office handles property registrations in Pallipattu. It is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.