Guideline Value for PRAKSH COLONY

Praksh Colony guideline value

The current guideline value of Praksh Colony is Rs 3,200 per sq.ft, effective from 1 July 2024. This area is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class III Type - I.

How the guideline value of Praksh Colony has changed

The guideline value for Praksh Colony has undergone several revisions over the years. In 2003, the value was Rs 461 per sq.ft, which increased to Rs 600 per sq.ft in 2007. Following this, the value saw a significant rise to Rs 3,000 per sq.ft in 2012, but then decreased to Rs 2,010 per sq.ft in 2017. The value then increased substantially to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,200 per sq.ft in 2024. The register has no figure for this street in 2002.

From 2017 to 2023, the increase was 49%, while from 2023 to 2024, it saw a rise of 7%. The most notable change was between 2007 and 2012, where the value increased by 400%. Overall, from 2003 to 2024, the guideline value has increased by 594%.

Guideline values in Perambur

In Perambur village, there are 1,114 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value is Rs 2,700 per sq.ft, positioning Praksh Colony's 2024 figure above this median.

• Powden Street: Rs 3,800 per sq.ft (2024)
• Pudhu Nagar All Street (New Nagar): Rs 4,300 per sq.ft (2024)
• Pulianthope High Road(From B&C Mill To Pulianthope T.B Hospital): Rs 4,900 per sq.ft (2024)
• Puzhal Murugesan Street: Rs 5,400 per sq.ft (2024)
• Puzhal Sivagnanam Street: Rs 5,400 per sq.ft (2024)
• Ponnappan Lane: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Praksh Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,200 per sq.ft, the total guideline value amounts to Rs 32,00,000. The stamp duty at 7% would be Rs 2,24,000, and the registration fee at 2% would be Rs 64,000, bringing the total cost to Rs 2,88,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Praksh Colony?

The Sub Registrar Office that covers Praksh Colony is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Perambur, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the registration process.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations. The guideline value reflects the government's assessment of property values in the area, providing a benchmark for transactions.

Frequently asked questions

What is the current guideline value of Praksh Colony?

The current guideline value of Praksh Colony is Rs 3,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 461 per sq.ft in 2003 to Rs 3,200 per sq.ft in 2024, reflecting an overall increase of 594% over the years.

What is the land classification of Praksh Colony?

Praksh Colony is classified as Residential Class III Type - I.

Where is the Purasaivakkam Sub Registrar Office located?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated in Praksh Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 32,00,000 would incur a stamp duty of Rs 2,24,000 at a rate of 7%.