Guideline Value for Prabu Street (Vetri Nagar)

Prabu Street (Vetri Nagar) guideline value

The current guideline value of Prabu Street (Vetri Nagar) is Rs 3,301 per sq.ft, effective from 1 July 2024. This street is located in Peravallur village under the Sembiam SRO, and it falls under the Residential Special Type - II land classification.

How the guideline value of Prabu Street (Vetri Nagar) has changed

The guideline value for Prabu Street (Vetri Nagar) has seen significant changes over the years. In 2003, the value was Rs 465 per sq.ft, which increased to Rs 800 per sq.ft in 2007. The value then rose dramatically by 275% to Rs 3,000 per sq.ft in 2012. However, it decreased by 33% to Rs 2,010 per sq.ft in 2017. The value increased again to Rs 3,000 per sq.ft in 2023, followed by a 10% rise to Rs 3,301 per sq.ft in 2024. Notably, there is no figure available for the year 2002 in the register for this street.

Overall, from 2003 to 2024, the guideline value has increased by 610%. The changes between the revisions highlight the fluctuations in property valuation, with the most significant increase occurring between 2007 and 2012, and the most recent revision showing a 10% increase from 2023 to 2024.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median value is Rs 3,301 per sq.ft, which is equal to the current guideline value of Prabu Street (Vetri Nagar).

• Prabhu Street (Bashyam Reddy Colony): Rs 2,700 per sq.ft (2024)
• Ragavan Street (Vetri Nagar Extension): Rs 3,301 per sq.ft (2024)
• Ragavendra Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Raghavan Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Rajabhadar Street (Vetri Nagar): Rs 3,301 per sq.ft (2024)
• Raja Garden Main Road: Rs 3,301 per sq.ft (2024)

Stamp duty and registration fee for property in Prabu Street (Vetri Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,301 per sq.ft, the total guideline value would be Rs 33,01,000. The stamp duty at 7% would amount to Rs 2,31,070, and the registration fee at 2% would be Rs 66,020, bringing the total to Rs 2,97,090. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Prabu Street (Vetri Nagar)?

The Sub Registrar Office that covers Prabu Street (Vetri Nagar) is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

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

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Prabu Street (Vetri Nagar)?

The current guideline value of Prabu Street (Vetri Nagar) is Rs 3,301 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 465 per sq.ft in 2003 to Rs 3,301 per sq.ft in 2024, reflecting an overall increase of 610% over the years.

What is the land classification for Prabu Street (Vetri Nagar)?

Prabu Street (Vetri Nagar) is classified as Residential Special Type - II under the current guidelines.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 33,01,000, the stamp duty would be Rs 2,31,070 and the registration fee would be Rs 66,020, totaling Rs 2,97,090.

Where can I find the Sub Registrar Office for Prabu Street (Vetri Nagar)?

The Sub Registrar Office for Prabu Street (Vetri Nagar) is located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.