Guideline Value for Prakasa Rao colony 2nd street

Prakasa Rao colony 2nd street guideline value

The current guideline value of Prakasa Rao colony 2nd street is Rs 4,800 per sq.ft as per the 2024 revision, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO and falls under the Residential Class II Type - II land classification.

How the guideline value of Prakasa Rao colony 2nd street has changed

The guideline value for Prakasa Rao colony 2nd street has seen several revisions over the years. The earliest recorded value was Rs 800 per sq.ft in 2007. This figure increased significantly to Rs 4,500 per sq.ft in 2012, marking a rise of 463%. However, it dropped to Rs 3,015 per sq.ft in 2017, a decrease of 33%. The value then rose again to Rs 4,500 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 4,800 per sq.ft, which is a 7% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002 and 2003 for Prakasa Rao colony 2nd street. Overall, from 2007 to 2024, the guideline value has increased by 500%.

Guideline values in Vepery

In Vepery, 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 the median being Rs 4,800 per sq.ft. Prakasa Rao colony 2nd street's 2024 figure aligns with this median.

• Powder MillsRoad: Rs 4,800 per sq.ft (2024)
• Pooramrakasa Rao 1st street: Rs 6,000 per sq.ft (2024)
• Pooram Prakasa Rao colony: Rs 4,800 per sq.ft (2024)
• Pooram Prakasa Rao 2nd street: Rs 4,800 per sq.ft (2024)
• Pttunool sardar Jung Street: Rs 9,900 per sq.ft (2024)
• Poonappanstreet: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Prakasa Rao colony 2nd street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,800 per sq.ft, the total guideline value would be Rs 48,00,000. The stamp duty at 7% would amount to Rs 3,36,000, and the registration fee at 2% would be Rs 96,000, bringing the total to Rs 4,32,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Prakasa Rao colony 2nd street?

The Sub Registrar Office that covers Prakasa Rao colony 2nd street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Vepery. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling a property, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties. This process helps maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value for Prakasa Rao colony 2nd street?

The current guideline value for Prakasa Rao colony 2nd street is Rs 4,800 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 2007 to Rs 4,800 per sq.ft in 2024, reflecting an overall increase of 500% over these years.

What is the land classification for Prakasa Rao colony 2nd street?

Prakasa Rao colony 2nd street falls under the Residential Class II Type - II land classification.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering Prakasa Rao colony 2nd street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 48,00,000, the stamp duty would be Rs 3,36,000 at 7%.