Guideline Value for Venkatesan 1st Street

Venkatesan 1st Street guideline value

The current guideline value of Venkatesan 1st Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village, under the Triplicane SRO, and is classified as Residential Class I Type - I.

How the guideline value of Venkatesan 1st Street has changed

Over the years, the guideline value for Venkatesan 1st Street has seen significant changes. The 2007 revision recorded a value of Rs 1,560 per sq.ft, which increased dramatically to Rs 6,000 per sq.ft in both the 2012 and 2023 revisions. However, there are no figures available for the years 2002, 2003, and 2017 in the register for this street.

With the latest 2024 revision, the guideline value rose to Rs 6,600 per sq.ft, marking a 10% increase from the 2023 figure. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 323%.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO, with guideline values ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, which aligns with the current value of Venkatesan 1st Street.

• Venkatesan 2nd Street: Rs 6,600 per sq.ft (2024)
• Venkatesan Naicken 3rd Street: Rs 6,600 per sq.ft (2024)
• Venkatesan Naicken Street: Rs 6,600 per sq.ft (2024)
• Venkatachala Naicken Street: Rs 6,600 per sq.ft (2024)
• Venkatachala Naicken 3rd Lane: Rs 6,600 per sq.ft (2024)
• Venkatachala Naicken 2nd Lane: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Venkatesan 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total to Rs 5,94,000. It is important to note that 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 Venkatesan 1st Street?

The Sub Registrar Office that covers Venkatesan 1st Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Triplicane. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Venkatesan 1st Street?

The current guideline value of Venkatesan 1st Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2007 revision, the guideline value has increased by 323%, from Rs 1,560 per sq.ft to Rs 6,600 per sq.ft in 2024.

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

Other streets in Triplicane with a guideline value of Rs 6,600 per sq.ft include Venkatesan 2nd Street, Venkatesan Naicken 3rd Street, Venkatesan Naicken Street, Venkatachala Naicken Street, Venkatachala Naicken 3rd Lane, and Venkatachala Naicken 2nd Lane.

What are the stamp duty and registration fees for properties in Venkatesan 1st Street?

The stamp duty for a property valued at Rs 66,00,000 would be Rs 4,62,000, and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which Sub Registrar Office is responsible for Venkatesan 1st Street?

The Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014, is responsible for Venkatesan 1st Street.