Guideline Value for Venkatesan Naicken Street

Venkatesan Naicken Street guideline value

The current guideline value of Venkatesan Naicken Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village and falls under the Triplicane SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Venkatesan Naicken Street has changed

The guideline value for Venkatesan Naicken Street has seen several revisions over the years. The earliest recorded figure is from 2007, which was Rs 1,560 per sq.ft. This increased significantly to Rs 6,000 per sq.ft in 2012, marking a substantial rise of 285%. The value remained unchanged at Rs 6,000 per sq.ft until the next revision in 2023, when it increased to Rs 6,600 per sq.ft. This represents a 10% increase. The current figure of Rs 6,600 per sq.ft will be effective from 1 July 2024.

There are no figures recorded for the years 2002, 2003, and 2017 for Venkatesan Naicken Street. Overall, from 2007 to 2024, the guideline value has increased by 323%.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that carry a 2024 guideline value ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median value is Rs 6,600 per sq.ft, which is equal to the guideline value of Venkatesan Naicken Street.

• Venkatesan Naicken 3rd Street: Rs 6,600 per sq.ft (2024)
• Venkatesan 2nd Street: Rs 6,600 per sq.ft (2024)
• Venkatesan 1st 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 Naicken 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, while the registration fee at 2% would be Rs 1,32,000. Together, the total cost for these fees would be Rs 5,94,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Venkatesan Naicken Street?

The Sub Registrar Office that covers Venkatesan Naicken 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 the registration process when buying or selling property in Triplicane. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the actual 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 Venkatesan Naicken Street?

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

How much has the guideline value changed over the years?

The guideline value has changed from Rs 1,560 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, which is an increase of 323% overall.

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

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total fees would amount to Rs 5,94,000.

Which Sub Registrar Office covers this area?

The Triplicane Sub Registrar Office covers Venkatesan Naicken Street, located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014.

How is the guideline value determined for properties in Triplicane?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and location. It is revised periodically to reflect changes in the real estate market.