Guideline Value for Prajana Avenue

Prajana Avenue guideline value

The current guideline value of Prajana Avenue is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Puzhal village, under the jurisdiction of the Redhills SRO, and is classified as Residential Class II Type - I.

How the guideline value of Prajana Avenue has changed

The guideline value for Prajana Avenue has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 800 per sq.ft. This figure decreased to Rs 536 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value saw a significant increase of 87%, reaching Rs 1,000 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 1,100 per sq.ft, marking a 10% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 38%.

Guideline values in Puzhal

Puzhal village comprises 270 streets under the Redhills SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in the village is Rs 1,102 per sq.ft, placing the 2024 figure for Prajana Avenue slightly below this median.

• Punitha Anthoniar 1st Street: Rs 2,420 per sq.ft (2024)
• Punitha Anthoniar 2nd Street: Rs 2,420 per sq.ft (2024)
• Punitha Anthoniar 3rd Street: Rs 2,420 per sq.ft (2024)
• Punitha Anthoniar 4th Street: Rs 2,420 per sq.ft (2024)
• Punitha Anthoniar 5th Street: Rs 2,420 per sq.ft (2024)
• Punitha Anthoniar Main Street: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Prajana Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, leading to a total of Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prajana Avenue?

The Sub Registrar Office that covers Prajana Avenue is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Puzhal. It is used to determine the stamp duty and registration fees applicable when registering a property sale. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value is compared with the sale price, and the duty is charged on the higher of the two. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Prajana Avenue?

The current guideline value of Prajana Avenue is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2012 to Rs 536 per sq.ft in 2017, then to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification for Prajana Avenue?

Prajana Avenue is classified as Residential Class II Type - I.

What is the registration office for properties in Puzhal?

The registration office for properties in Puzhal is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Prajana Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 at a rate of 7%.