Guideline Value for PRINCE STREET

Prince Street guideline value

The current guideline value of Prince Street in Cantonment Pallavaram village is Rs 2,700 per sq.ft, as per the 2024 revision effective from 1 July 2024. This area falls under the Pallavaram Sub Registrar Office and is classified as Residential Class II Type - I.

How the guideline value of Prince Street has changed

The guideline value of Prince Street has seen several revisions over the years. In the 2012 revision, the value was set at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,500 per sq.ft, and the most recent 2024 revision has set it at Rs 2,700 per sq.ft. Notably, there are no figures available for the revisions in 2002, 2003, and 2007.

When examining the changes, the guideline value increased by 8% from 2023 to 2024. From 2017 to 2023, there was a significant increase of 49%. However, from 2012 to 2017, the value decreased by 33%. Overall, the guideline value has increased by 8% from 2012 to 2024.

Guideline values in Cantonment Pallavaram

In Cantonment Pallavaram, there are 81 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 11,000 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, which is equal to the guideline value of Prince Street.

• Puviamman Koil Street: Rs 2,750 per sq.ft (2024)
• Queen Street: Rs 2,700 per sq.ft (2024)
• Poniyamman Koil Street: Rs 2,700 per sq.ft (2024)
• Police Lane: Rs 2,700 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 3,850 per sq.ft (2024)
• Rajendra Prasad Road: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Prince Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total charges to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Prince Street?

The Sub Registrar Office that covers Prince Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Cantonment Pallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly impacts the costs involved in the transaction. Buyers should ensure that the sale price is in line with the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Prince Street?

The current guideline value of Prince Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Prince Street?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000, and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which Sub Registrar Office handles registrations for Prince Street?

The Pallavaram Sub Registrar Office handles registrations for Prince Street, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum registration value of a property, affecting the stamp duty and registration fees payable. It is essential for both buyers and sellers to be aware of this value during transactions.