Guideline Value for PRAKASH AVENUE

Prakash Avenue guideline value

The current guideline value of Prakash Avenue is Rs 330 per sq.ft, effective from 1 July 2024. This street is located in Nanthiambakkam village under the Thiruvottiyur SRO, and the land classification is Residential Special Type - II.

How the guideline value of Prakash Avenue has changed

The guideline value for Prakash Avenue has undergone several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 50 per sq.ft. This increased significantly to Rs 300 per sq.ft in 2012, then decreased to Rs 201 per sq.ft in 2017. Following this, the value rose to Rs 300 per sq.ft in 2023, and currently stands at Rs 330 per sq.ft as per the 2024 revision. The changes between these revisions include a remarkable increase of 500% from 2007 to 2012, a decrease of 33% from 2012 to 2017, and an increase of 49% from 2017 to 2023, culminating in a 10% rise from 2023 to 2024.

It's important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Nanthiambakkam

In Nanthiambakkam, there are 85 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 275 to Rs 770 per sq.ft. The median value for these streets is Rs 330 per sq.ft, which is equal to the current guideline value of Prakash Avenue.

• Ragavendra Nagar: Rs 330 per sq.ft (2024)
• Ragavendra Nagar (All Phases): Rs 330 per sq.ft (2024)
• Rajaji Nagar: Rs 330 per sq.ft (2024)
• Pidaraiyar Koil Street: Rs 330 per sq.ft (2024)
• Rajiv Gandhi Nagar: Rs 330 per sq.ft (2024)
• Ranga Nagar: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in Prakash Avenue

For a 1,000 sq.ft plot at the current rate of Rs 330 per sq.ft, the guideline value would be Rs 3,30,000. The stamp duty at 7% would amount to Rs 23,100, and the registration fee at 2% would be Rs 6,600, totaling Rs 29,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Prakash Avenue?

The Sub Registrar Office that covers Prakash Avenue 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 Nanthiambakkam

The guideline value plays a critical role in the registration process when buying or selling property in Nanthiambakkam. 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 guideline value is used to calculate the applicable charges, ensuring that both the buyer and seller are aware of the financial obligations involved in the transfer of ownership. This helps maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of Prakash Avenue?

The current guideline value of Prakash Avenue is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 330 per sq.ft in 2024, with various increases and decreases in between, including a significant rise of 500% from 2007 to 2012.

What is the land classification for Prakash Avenue?

Prakash Avenue is classified as Residential Special Type - II, indicating its suitability for residential purposes.

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

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

How is stamp duty calculated for properties in Prakash Avenue?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total stamp duty and registration fees can amount to Rs 29,700 based on the current guideline value.