Guideline Value for Prakasam Salai [Broadway]

Prakasam Salai [Broadway] guideline value

The current guideline value of Prakasam Salai [Broadway] is Rs 16,500 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 Commercial Class I Type - I.

How the guideline value of Prakasam Salai [Broadway] has changed

The guideline value for Prakasam Salai [Broadway] has seen several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 5,500 per sq.ft. This value increased significantly to Rs 15,000 per sq.ft in 2012, marking a 173% rise. However, it then decreased to Rs 10,050 per sq.ft in 2017, representing a 33% drop. The value further increased to Rs 15,000 per sq.ft in 2023, followed by the most recent revision to Rs 16,500 per sq.ft in 2024, which is a 10% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 200%. The changes between the revisions highlight a fluctuating trend, with significant growth observed in certain periods, particularly from 2012 to 2017 and then again from 2023 to 2024.

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, with a median value of Rs 5,500 per sq.ft. Prakasam Salai [Broadway] has a guideline value that is above this median.

• Prakasam Salai (Broadway) 1st lane: Rs 8,200 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]

For a 1,000 sq.ft plot at the current guideline value of Rs 16,500 per sq.ft, the total guideline value amounts to Rs 1,65,00,000. The stamp duty, calculated at 7%, would be Rs 11,55,000, and the registration fee at 2% would be Rs 3,30,000, bringing the total fees together to Rs 14,85,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Prakasam Salai [Broadway]?

The Sub Registrar Office that covers Prakasam Salai [Broadway] is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned 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

The guideline value is a crucial factor in the registration process of property transactions in Muthialpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value influences the stamp duty and registration fees that must be paid. Buyers should be aware that these costs are calculated based on the guideline value or the sale price, whichever is higher, which can significantly affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Prakasam Salai [Broadway]?

The current guideline value of Prakasam Salai [Broadway] is Rs 16,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 5,500 per sq.ft in 2007 to Rs 16,500 per sq.ft in 2024, showing an overall increase of 200% over this period.

What are the other streets in Muthialpet with their guideline values?

Other streets in Muthialpet include Prakasam Salai (Broadway) 1st lane and 2nd lane at Rs 8,200 per sq.ft, Post Office street at Rs 7,100 per sq.ft, Phopams broadway at Rs 16,500 per sq.ft, and Philips street at Rs 7,700 per sq.ft.

What is the registration fee for property in Prakasam Salai [Broadway]?

The registration fee for property in Prakasam Salai [Broadway] is calculated at 2% of the guideline value. For a 1,000 sq.ft property, this would amount to Rs 3,30,000 based on the current guideline value.

Where can I find the Sub Registrar Office for Prakasam Salai [Broadway]?

The Sub Registrar Office for Prakasam Salai [Broadway] is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find more information by visiting the provided link.