Guideline Value for Prakasam Salai (Broadway) 2nd lane

Prakasam Salai (Broadway) 2nd lane guideline value

The current guideline value of Prakasam Salai (Broadway) 2nd lane is Rs 8,200 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO, classified as Mixed Type - II land.

How the guideline value of Prakasam Salai (Broadway) 2nd lane has changed

The guideline value for Prakasam Salai (Broadway) 2nd lane has seen several revisions over the years. The 2007 revision set the value at Rs 3,700 per sq.ft, which increased to Rs 7,500 per sq.ft in 2012. However, there was a significant decrease in the 2017 revision, where the value was adjusted to Rs 5,025 per sq.ft. Following this, the value rose sharply to Rs 7,500 per sq.ft in 2023, and then again to Rs 8,200 per sq.ft in the 2024 revision, marking a 9% increase from the previous year.

Overall, from the 2007 revision to the current 2024 rate, the guideline value has increased by 122%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, making the current value of Prakasam Salai (Broadway) 2nd lane above this median.

• Prakasam Salai (Broadway) 1st lane: Rs 8,200 per sq.ft (2024)
• Prakasam Salai [Broadway]: Rs 16,500 per sq.ft (2024)
• Post Office street (from Thambu Chetty street Junction to Sembu Doss street): Rs 7,100 per sq.ft (2024)
• Post Office street (from National Hotel to Thambu Chetty street Junction): Rs 7,100 per sq.ft (2024)
• Phopams broadway: Rs 16,500 per sq.ft (2024)
• Philips street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Prakasam Salai (Broadway) 2nd lane

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value would be Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, bringing the total fees together to Rs 7,38,000. Duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Prakasam Salai (Broadway) 2nd lane?

The Prakasam Salai (Broadway) 2nd lane is covered by the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. To find your SRO, you can visit find your SRO.

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

When buying or selling property in Muthialpet, the guideline value is a critical factor in determining the stamp duty and registration fees applicable to the transaction. The guideline value serves as a benchmark for these calculations and is used to ensure that the appropriate taxes are collected during the registration process.

It is important to note that the guideline value may differ from the actual sale price of the property. Therefore, the duty is charged on the higher of the two values, ensuring that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Prakasam Salai (Broadway) 2nd lane?

The current guideline value of Prakasam Salai (Broadway) 2nd lane is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 3,700 per sq.ft to Rs 8,200 per sq.ft in 2024, marking an overall increase of 122% over the years.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 82,00,000, the stamp duty would be Rs 5,74,000 and the registration fee would be Rs 1,64,000, totaling Rs 7,38,000.

Which office handles property registrations for Prakasam Salai (Broadway) 2nd lane?

The Chennai North Joint I Sub Registrar Office handles property registrations for Prakasam Salai (Broadway) 2nd lane, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

What is the land classification of Prakasam Salai (Broadway) 2nd lane?

Prakasam Salai (Broadway) 2nd lane is classified as Mixed Type - II land, which indicates a blend of residential and commercial uses.