Guideline Value for Prakasam Avenue

Prakasam Avenue guideline value

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

How the guideline value of Prakasam Avenue has changed

Over the years, the guideline value of Prakasam Avenue has seen several revisions. The 2012 revision set the value at Rs 1,800 per sq.ft, which changed to Rs 1,340 per sq.ft in the 2017 revision, reflecting a decrease of 26%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, marking a rise of 49%. The most recent revision in 2024 established the current value at Rs 2,200 per sq.ft, a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 22%.

Guideline values in Selavoyal

In Selavoyal, there are 170 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,300 per sq.ft, with the median value being Rs 2,200 per sq.ft. Prakasam Avenue's guideline value is equal to this median.

• Radhakrishnan Nagar: Rs 2,200 per sq.ft (2024)
• Rahman Nagar: Rs 2,700 per sq.ft (2024)
• Perumal Koil Street: Rs 1,900 per sq.ft (2024)
• Pathragiri Nagar Extension: Rs 1,900 per sq.ft (2024)
• Pathragiri Nagar: Rs 1,900 per sq.ft (2024)
• Parvathi Nagar 3rd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Prakasam Avenue

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty, calculated 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 a detailed calculation, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prakasam Avenue?

The Sub Registrar Office that covers Prakasam Avenue is the Madhavaram Sub Registrar Office, 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 Selavoyal

The guideline value is an essential factor in the registration process when buying or selling property in Selavoyal. 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 used to calculate the applicable duties, ensuring that both the buyer and seller are aware of the financial obligations involved in the transaction.

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 1,800 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Prakasam Avenue?

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

What are the stamp duty and registration fees for property in Prakasam Avenue?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,98,000.

Which office handles property registration for Prakasam Avenue?

The Madhavaram Sub Registrar Office handles property registration for Prakasam Avenue, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.