Guideline Value for PRASHANTHI APARTMENTS

Prashanthi Apartments guideline value

The current guideline value of Prashanthi Apartments is Rs 8,200 per sq.ft, effective from 1 July 2024. This property is located in Padi village, under the Villivakkam SRO, and falls under the Residential Class I Type - III land classification.

How the guideline value of Prashanthi Apartments has changed

The guideline value for Prashanthi Apartments has seen several revisions over the years. The earliest recorded figure is from 2003, which was Rs 1,205 per sq.ft. This increased to Rs 1,650 per sq.ft in 2007, marking a significant rise of 37%. The value then surged dramatically to Rs 7,500 per sq.ft in 2012, reflecting a remarkable increase of 355%. However, it decreased to Rs 5,025 per sq.ft in 2017, a decline of 33%. The value then rose again to Rs 7,500 per sq.ft in 2023, before reaching the current figure of Rs 8,200 per sq.ft in 2024, which is a 9% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 580%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft, with a median value of Rs 3,800 per sq.ft. The guideline value for Prashanthi Apartments is above this median.

• Ponniyamman Koil Street: Rs 2,500 per sq.ft (2024)
• RADIAL HOUSE BLOCK 51 To 55: Rs 8,200 per sq.ft (2024)
• Radial House Block No.1 (Plot No's.1 & 12 To 16): Rs 9,900 per sq.ft (2024)
• Radial House Block No.2 (Plot No's.1 & 12 To 16): Rs 9,900 per sq.ft (2024)
• Radial House Block No.3 (Plot No's.1 & 12 To 16): Rs 9,900 per sq.ft (2024)
• Radial House Block No.4 (Plot No's.1 & 12 To 16): Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Prashanthi Apartments

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value amounts to Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, totaling Rs 7,38,000. It is important to 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 Prashanthi Apartments?

The Sub Registrar Office that covers Prashanthi Apartments is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Padi, as it determines the base value for registration purposes. When a property is sold, the buyer must pay stamp duty and registration fees based on the higher of the guideline value or the actual sale price.

This ensures that the government receives the appropriate revenue from property transactions. Buyers and sellers should be aware of the current guideline value to accurately calculate their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Prashanthi Apartments?

The current guideline value of Prashanthi Apartments is Rs 8,200 per sq.ft, effective from 1 July 2024.

What was the guideline value in 2023?

The guideline value for Prashanthi Apartments in 2023 was Rs 7,500 per sq.ft.

How much did the guideline value increase from 2023 to 2024?

From 2023 to 2024, the guideline value increased by 9%, going from Rs 7,500 per sq.ft to Rs 8,200 per sq.ft.

What is the land classification for Prashanthi Apartments?

Prashanthi Apartments falls under the Residential Class I Type - III land classification.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.