Guideline Value for Prabu Lane

Prabu Lane guideline value

The current guideline value of Prabu Lane is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Prabu Lane has changed

Over the years, the guideline value for Prabu Lane has experienced several revisions. The 2007 revision set the value at Rs 1,500 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012. However, this value decreased by 33% to Rs 2,680 per sq.ft in 2017. The 2023 revision raised it to Rs 4,000 per sq.ft, followed by a further increase of 10% to the current value of Rs 4,400 per sq.ft in 2024. The register has no figures for the years 2002 and 2003 for this street.

In summary, from 2007 to 2024, the overall increase in guideline value is 193%. The changes between the revisions include a significant rise of 167% from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017, and a notable increase of 49% from 2017 to 2023.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which aligns with the guideline value of Prabu Lane.

• Prasath Lane: Rs 4,400 per sq.ft (2024)
• Prasath Street: Rs 5,500 per sq.ft (2024)
• Prasath Street in Dr. Seethapathy Layout: Rs 5,500 per sq.ft (2024)
• Prathap Chandran Street: Rs 5,500 per sq.ft (2024)
• Pudhu Street (Maduvangarai): Rs 4,400 per sq.ft (2024)
• Putheri Colony: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Prabu Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 Prabu Lane?

Prabu Lane falls under the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that are applicable to the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a value that reflects the official rates set by the government. This helps in maintaining transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Prabu Lane?

The current guideline value of Prabu Lane is Rs 4,400 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 1,500 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, showing an overall increase of 193% over the years.

What is the land classification for Prabu Lane?

Prabu Lane is classified as Residential Class II Type - II, which indicates its intended use for residential purposes.

Where can I find the Sub Registrar Office for Prabu Lane?

The Velacheri Sub Registrar Office covers Prabu Lane and is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Prabu Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.