Guideline Value for PRAKASAM STREET

Prakasam Street guideline value

The current guideline value of Prakasam Street in Ramapuram village, under the Chennai South Joint II SRO, is Rs 1,950 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Class III Type - I.

How the guideline value of Prakasam Street has changed

The guideline value of Prakasam Street has seen several revisions over the years. In 2002, the guideline value was Rs 280 per sq.ft. This figure increased to Rs 346 per sq.ft in 2003, marking a 24% rise. The value further increased significantly to Rs 900 per sq.ft in 2007, reflecting a 160% change. By 2012, the value was revised to Rs 1,750 per sq.ft, which was a 94% increase from the previous revision. However, this figure dropped to Rs 1,172 per sq.ft in 2017, indicating a decrease of 33%.

In the subsequent revisions, the guideline value rose to Rs 1,750 per sq.ft in 2023, which was a 49% increase from 2017. The most recent revision in 2024 set the value at Rs 1,950 per sq.ft, representing an 11% increase from the previous year. The overall change from 2002 to 2024 is an increase of 596%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft, with a median value of Rs 3,100 per sq.ft. Prakasam Street's 2024 guideline value is below this median.

• Ponnusamy Naicker Street: Rs 1,950 per sq.ft (2024)
• Ponni Amman Nagar: Rs 1,950 per sq.ft (2024)
• Ragavendra Nagar 1st Lane: Rs 3,100 per sq.ft (2024)
• Ragavendra Nagar 1st Street: Rs 3,100 per sq.ft (2024)
• Ragavendra Nagar 2nd Lane: Rs 3,100 per sq.ft (2024)
• Ragavendra Nagar 2nd Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in Prakasam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,950 per sq.ft, the total guideline value amounts to Rs 19,50,000. The stamp duty at 7% would be Rs 1,36,500, while the registration fee at 2% would be Rs 39,000, bringing the total to Rs 1,75,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Prakasam Street?

The Sub Registrar Office that covers Prakasam Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Ramapuram. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. The guideline value is set by the registration department and is updated periodically based on various factors.

When a property is sold, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Prakasam Street?

The current guideline value of Prakasam Street is Rs 1,950 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 280 per sq.ft in 2002 to Rs 1,950 per sq.ft in 2024, reflecting an overall increase of 596% over the years.

What are the stamp duty rates for properties in Prakasam Street?

The stamp duty rate for properties in Prakasam Street is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Prakasam Street located?

The Sub Registrar Office for Prakasam Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the median guideline value in Ramapuram?

The median guideline value in Ramapuram is Rs 3,100 per sq.ft, with Prakasam Street's 2024 value being below this median.