Guideline Value for Prakasam Salai (Broadway)1st lane

Prakasam Salai (Broadway)1st lane guideline value

The current guideline value of Prakasam Salai (Broadway)1st 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.

How the guideline value of Prakasam Salai (Broadway)1st lane has changed

Over the years, the guideline value for Prakasam Salai (Broadway)1st lane has seen several revisions. In 2007, the value was Rs 3,700 per sq.ft, which increased to Rs 7,500 per sq.ft in 2012. However, it then decreased to Rs 5,025 per sq.ft in 2017. The 2023 revision saw a significant rise to Rs 7,500 per sq.ft, followed by the latest 2024 revision, which set the value at Rs 8,200 per sq.ft. Notably, there are no figures available for the years 2002 and 2003 for this street.

When examining the changes, from 2007 to 2012, there was a notable increase of 103%, followed by a decrease of 33% from 2012 to 2017. Subsequently, a significant increase of 49% was observed from 2017 to 2023. The current revision from 2023 to 2024 reflects a 9% increase. Overall, the guideline value has risen by 122% from 2007 to 2024.

Guideline values in Muthialpet

Muthialpet village has a total of 160 streets under the Chennai North Joint I SRO, with 2024 guideline values 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, placing the 2024 guideline value of Prakasam Salai (Broadway)1st lane above this median.

• Prakasam Salai [Broadway]: Rs 16,500 per sq.ft (2024)
• Prakasam Salai (Broadway) 2nd lane: Rs 8,200 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)1st lane

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value amounts to 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 to Rs 7,38,000. 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 Prakasam Salai (Broadway)1st lane?

The Sub Registrar Office that covers Prakasam Salai (Broadway)1st lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. For further assistance, you can find your SRO.

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

The guideline value plays a crucial role in property transactions in Muthialpet. It is used to determine the minimum value at which a property can be registered, ensuring that both buyers and sellers adhere to a standard valuation. This value is essential for calculating the stamp duty and registration fees associated with the property transaction.

When buying or selling property, the guideline value ensures transparency and fairness in the registration process. It helps in preventing undervaluation of properties, thereby safeguarding the interests of the government and the public in real estate transactions.

Frequently asked questions

What is the current guideline value of Prakasam Salai (Broadway)1st lane?

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

How has the guideline value changed over the years?

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

What is the median guideline value in Muthialpet?

The median guideline value in Muthialpet is Rs 5,500 per sq.ft, with Prakasam Salai (Broadway)1st lane's value being above this median.

Where can I find the Sub Registrar Office for Prakasam Salai (Broadway)1st lane?

The Sub Registrar Office for Prakasam Salai (Broadway)1st lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.

How is the stamp duty calculated for properties in Muthialpet?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 82,00,000, the stamp duty would be Rs 5,74,000 at a rate of 7%.