Guideline Value for PRAKASAM IST LANE

Prakasam Ist Lane guideline value

The current guideline value of Prakasam Ist Lane, located in Tnagar village under the Thiyagaraya nagar SRO, is Rs 6,600 per sq.ft, effective from 1 July 2024. This lane falls under the Residential Class III Type - I land classification.

How the guideline value of Prakasam Ist Lane has changed

The guideline value for Prakasam Ist Lane has seen several revisions over the years. In the 2012 revision, the value was set at Rs 6,000 per sq.ft. This was followed by a decrease to Rs 4,020 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value surged to Rs 6,000 per sq.ft in the 2023 revision, and further increased to Rs 6,600 per sq.ft in the 2024 revision, reflecting a 10% rise.

From 2017 to 2023, the increase was significant at 49%. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO, with a 2024 guideline value range from Rs 4,400 to Rs 27,500 per sq.ft. The median value for these streets is Rs 11,000 per sq.ft, placing Prakasam Ist Lane's 2024 figure below that median.

• Prakasam Ist Street: Rs 8,300 per sq.ft (2024)
• Prakasam Road: Rs 13,200 per sq.ft (2024)
• Prakasa Mudali Street: Rs 8,300 per sq.ft (2024)
• Porur Somasundaram Street: Rs 8,300 per sq.ft (2024)
• Prem Nagar Colony: Rs 6,600 per sq.ft (2024)
• Pudu Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Prakasam Ist Lane

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. The total cost for these fees would be Rs 5,94,000. Note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Prakasam Ist Lane?

The Prakasam Ist Lane is covered by the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is an essential factor during property transactions in Tnagar, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to calculate applicable fees.

When registering a property, the guideline value is used to assess the stamp duty and registration fees, which are based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Prakasam Ist Lane?

The current guideline value of Prakasam Ist Lane is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 6,000 per sq.ft in 2012 to Rs 4,020 per sq.ft in 2017, then to Rs 6,000 per sq.ft in 2023, and finally to Rs 6,600 per sq.ft in 2024.

What is the land classification for Prakasam Ist Lane?

Prakasam Ist Lane is classified under Residential Class III Type - I.

Where can I find the Thiyagaraya nagar Sub Registrar Office?

The Thiyagaraya nagar Sub Registrar Office is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur specific fees based on the total guideline value.