Guideline Value for Venugopal Pillai street

Venugopal Pillai street guideline value

The current guideline value of Venugopal Pillai street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Egmore village under the Periamet SRO and is classified as Residential Class II Type - I.

How the guideline value of Venugopal Pillai street has changed

The guideline value for Venugopal Pillai street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 601 per sq.ft. This increased to Rs 663 per sq.ft in 2003, marking a 10% rise. The value then saw a significant jump to Rs 1,500 per sq.ft in 2007, which is a 126% increase. In 2012, the value was revised to Rs 6,500 per sq.ft, reflecting a substantial 333% increase from the previous revision. However, in 2017, it decreased to Rs 4,355 per sq.ft, showing a decline of 33%. The guideline value rose again to Rs 6,500 per sq.ft in 2023, and finally reached Rs 7,100 per sq.ft in 2024, which is a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1081%. There are no figures available for the revisions in years other than those listed.

Guideline values in Egmore

In Egmore village, 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. The median guideline value is Rs 7,100 per sq.ft, which is equal to the current figure for Venugopal Pillai street.

• Venugopal Avenue Main Road: Rs 11,000 per sq.ft (2024)
• Venugopal Avenue 2nd Lane: Rs 11,000 per sq.ft (2024)
• Venugopal Avenue 1st Lane: Rs 11,000 per sq.ft (2024)
• Venugopal Avenue: Rs 11,000 per sq.ft (2024)
• Victoria Cresent Road(a)Dr.Cherian Road: Rs 15,000 per sq.ft (2024)
• Venkatcchala Naicken street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Venugopal Pillai street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000. Together, the total charges would be Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your charges using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Venugopal Pillai street?

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

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

The guideline value is a crucial factor in the registration process when buying or selling property in Egmore. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations during property transactions.

When a property is registered, the guideline value is used to calculate the applicable duties and fees, which are mandatory for the legal transfer of property ownership. This ensures that all transactions are conducted transparently and in accordance with the law.

Frequently asked questions

What is the current guideline value of Venugopal Pillai street?

The current guideline value of Venugopal Pillai street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 601 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 1081% over this period.

What are the stamp duty and registration fees for property on this street?

For a property of 1,000 sq.ft at the current guideline value, the total guideline value is Rs 71,00,000, with stamp duty at Rs 4,97,000 and registration fees at Rs 1,42,000, totaling Rs 6,39,000.

Which office handles property registrations for Venugopal Pillai street?

The Periamet Sub Registrar Office handles property registrations for Venugopal Pillai street, located at 1103, Poonamallee High Road, Chennai-600 003.

What is the land classification for Venugopal Pillai street?

Venugopal Pillai street is classified as Residential Class II Type - I, indicating its designation for residential use under local regulations.