Guideline Value for Prakasam Avenue

Prakasam Avenue guideline value

The current guideline value of Prakasam Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Prakasam Avenue has changed

The guideline value of Prakasam Avenue has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which remained unchanged until the 2023 revision, where it was again Rs 2,000 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 2,200 per sq.ft, marking a 10% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2017 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 4,000 per sq.ft, with a median value of Rs 2,700 per sq.ft. Prakasam Avenue's 2024 guideline value of Rs 2,200 per sq.ft is below this median.

• Prakash Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Prakash Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Prakash Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Prakash Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• President Krishnan Street: Rs 2,200 per sq.ft (2024)
• Poongavanam Nagar Main Road: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Prakasam Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prakasam Avenue?

The Madhavaram Sub Registrar Office covers Prakasam Avenue, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Kodungaiyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process.

When a property is bought or sold, the guideline value ensures that the registration reflects the fair value of the property, helping to maintain transparency in real estate transactions.

Frequently asked questions

What is the current guideline value of Prakasam Avenue?

The current guideline value of Prakasam Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012, remaining the same until 2023, and then increasing to Rs 2,200 per sq.ft in 2024. This reflects a 10% increase from 2023 to 2024 and an overall increase of 10% from 2012 to 2024.

What is the land classification of Prakasam Avenue?

Prakasam Avenue is classified as Residential Class II Type - I under the Madhavaram SRO.

What is the stamp duty rate for property in Prakasam Avenue?

The stamp duty rate for property transactions in Prakasam Avenue is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can visit this office for all registration-related queries.