Guideline Value for Pooramrakasa Rao 1st street

Pooramrakasa Rao 1st street guideline value

The current guideline value of Pooramrakasa Rao 1st street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Vepery village, under the Periamet SRO, and is classified as Residential Class II Type - I.

How the guideline value of Pooramrakasa Rao 1st street has changed

The guideline value for Pooramrakasa Rao 1st street has undergone several revisions since 2007. The 2007 revision set the value at Rs 800 per sq.ft, which saw a significant increase to Rs 5,500 per sq.ft in the 2012 revision. However, there was a decrease to Rs 3,685 per sq.ft in 2017. The 2023 revision raised the value to Rs 5,500 per sq.ft, and the latest revision in 2024 has increased it further to Rs 6,000 per sq.ft.

Between the revisions, the changes were notable. From 2007 to 2012, there was an increase of 588%. However, from 2012 to 2017, the value decreased by 33%. The value then increased by 49% from 2017 to 2023. The most recent increase from 2023 to 2024 is 9%. Overall, from 2007 to 2024, the guideline value has increased by 650%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median value of Rs 4,800 per sq.ft. Pooramrakasa Rao 1st street's 2024 guideline value is above this median.

• Pooram Prakasa Rao colony: Rs 4,800 per sq.ft (2024)
• Pooram Prakasa Rao 2nd street: Rs 4,800 per sq.ft (2024)
• Poonappanstreet: Rs 6,000 per sq.ft (2024)
• Poonamallee High Road: Rs 18,100 per sq.ft (2024)
• Powder MillsRoad: Rs 4,800 per sq.ft (2024)
• Prakasa Rao colony 2nd street: Rs 4,800 per sq.ft (2024)

Stamp duty and registration fee for property in Pooramrakasa Rao 1st street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, making the total fees Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Pooramrakasa Rao 1st street?

The Sub Registrar Office that covers Pooramrakasa Rao 1st street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Vepery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property. Buyers and sellers must be aware of this value to ensure compliance with local regulations.

When a property is registered, the guideline value is compared against the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Pooramrakasa Rao 1st street?

The current guideline value of Pooramrakasa Rao 1st street is Rs 6,000 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 800 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, marking an overall increase of 650% over the years.

What is the land classification of Pooramrakasa Rao 1st street?

Pooramrakasa Rao 1st street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for property in this area?

For a plot of 1,000 sq.ft at the current guideline value, the total stamp duty and registration fees would amount to Rs 5,40,000, based on the guideline value of Rs 60,00,000.

Which Sub Registrar Office covers this street?

The Periamet Sub Registrar Office covers Pooramrakasa Rao 1st street, located at 1103, Poonamallee High Road, Chennai-600 003.