Guideline Value for PRAKASAM AVENUE

Prakasam Avenue guideline value

The current guideline value of Prakasam Avenue in Maiyur village is Rs 500 per sq.ft, effective from 1 July 2024. This street falls under the Chengleput Joint II SRO and is classified as Residential Special Type - I.

How the guideline value of Prakasam Avenue has changed

The guideline value for Prakasam Avenue has undergone several revisions over the years. The earliest recorded figure is from the 2012 revision, which was Rs 500 per sq.ft. In the 2017 revision, the value decreased to Rs 335 per sq.ft, marking a decline of 33%. However, in the 2023 revision, the value returned to Rs 500 per sq.ft, and it remained unchanged in the 2024 revision, indicating a 0% change from the previous year.

From 2012 to 2024, the overall change in the guideline value is 0%. The significant increase occurred between the 2017 and 2023 revisions, where the value rose by 49%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Maiyur

In Maiyur village, there are 28 streets under the Chengleput Joint II SRO that have a 2024 guideline value ranging from Rs 200 to Rs 700 per sq.ft. The median value for these streets is Rs 400 per sq.ft, placing Prakasam Avenue's 2024 figure above that median.

• Punal Residency: Rs 400 per sq.ft (2024)
• Rajendran Nagar: Rs 400 per sq.ft (2024)
• Rmp Nagar: Rs 200 per sq.ft (2024)
• Rubi Garden: Rs 350 per sq.ft (2024)
• Ruby Garden Phase -I: Rs 401 per sq.ft (2024)
• Ruby Garden Phase -II: Rs 401 per sq.ft (2024)

Stamp duty and registration fee for property in Prakasam Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total cost for these fees to Rs 45,000. It is essential 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 Prakasam Avenue?

The Sub Registrar Office that covers Prakasam Avenue is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Maiyur. It determines the stamp duty and registration fees that need to be paid, which are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value helps buyers and sellers in making informed decisions during property transactions. It ensures that the fees are calculated fairly and transparently, aligning with the official rates set by the Registration Department.

Frequently asked questions

What is the current guideline value of Prakasam Avenue?

The current guideline value of Prakasam Avenue is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen changes from Rs 500 in 2012 to Rs 335 in 2017, then back to Rs 500 in 2023 and 2024. The overall change from 2012 to 2024 is 0%.

What are the guideline values of other streets in Maiyur?

Other streets in Maiyur have varying guideline values, with rates ranging from Rs 200 to Rs 700 per sq.ft. The median value for these streets is Rs 400 per sq.ft.

What fees are associated with buying property in Prakasam Avenue?

When buying property in Prakasam Avenue, the stamp duty is charged at 7%, and the registration fee is at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Prakasam Avenue?

The Chengleput Joint II Sub Registrar Office covers Prakasam Avenue, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.