Guideline Value for P.R.K. SHARMA STREET

P.R.K. Sharma Street guideline value

The current guideline value of P.R.K. Sharma Street is Rs 1,500 per sq.ft, effective from 1 July 2024. This street is located in Manali village, under the Thiruvottiyur SRO, with a land classification of Mixed Special Type - III.

How the guideline value of P.R.K. Sharma Street has changed

The guideline value for P.R.K. Sharma Street has undergone several revisions over the years. In 2002, the value was Rs 92 per sq.ft, which increased to Rs 105 per sq.ft in 2003, marking a 14% rise. The value saw a significant jump to Rs 200 per sq.ft in 2007, reflecting a 90% increase. By 2012, the value reached Rs 1,400 per sq.ft, showing a substantial 600% increase from the previous revision. However, it dropped to Rs 938 per sq.ft in 2017, indicating a decrease of 33%.

In 2023, the guideline value was revised to Rs 1,400 per sq.ft, which then increased by 7% to the current value of Rs 1,500 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 1,530% for this street. There are no figures available for any other revisions for this street.

Guideline values in Manali

In Manali village, there are 84 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,001 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,200 per sq.ft, placing P.R.K. Sharma Street's current value above this median.

• Poongavanam Street: Rs 1,200 per sq.ft (2024)
• Poombukar Nagar: Rs 1,200 per sq.ft (2024)
• Raghavan Street: Rs 1,200 per sq.ft (2024)
• Ponneri High Road: Rs 1,005 per sq.ft (2024)
• Rajapadar Mudaliar Street: Rs 1,200 per sq.ft (2024)
• Perumal Koil Street: Rs 1,500 per sq.ft (2024)

Stamp duty and registration fee for property in P.R.K. Sharma Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,500 per sq.ft, the total guideline value amounts to Rs 15,00,000. The stamp duty at 7% would be Rs 1,05,000, while the registration fee at 2% would be Rs 30,000. Together, the total fees would amount to Rs 1,35,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers P.R.K. Sharma Street?

The Sub Registrar Office that covers P.R.K. Sharma Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Manali. 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 buyer and seller must ensure that the sale price is at least equal to the guideline value. This ensures that the correct amount of stamp duty is calculated based on the higher of the two values, thereby adhering to the regulations set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of P.R.K. Sharma Street?

The current guideline value of P.R.K. Sharma Street is Rs 1,500 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 92 per sq.ft in 2002 to Rs 1,500 per sq.ft in 2024, reflecting an overall increase of 1,530% over this period.

What is the median guideline value for streets in Manali?

The median guideline value for the 84 streets in Manali under the Thiruvottiyur SRO is Rs 1,200 per sq.ft.

What are the stamp duty and registration fees for property in P.R.K. Sharma Street?

For a property valued at Rs 15,00,000, the stamp duty would be Rs 1,05,000 and the registration fee would be Rs 30,000, totaling Rs 1,35,000.

Where is the Sub Registrar Office for P.R.K. Sharma Street located?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.