Guideline Value for Prakasam Street (Kennady Square)

Prakasam Street (Kennady Square) guideline value

The current guideline value of Prakasam Street (Kennady Square) is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village, under the Sembiam SRO, and is classified as Residential Class I Type - I.

How the guideline value of Prakasam Street (Kennady Square) has changed

The guideline value of Prakasam Street has seen several revisions over the years. In 2002, the value was Rs 292 per sq.ft, which increased to Rs 317 per sq.ft in 2003, marking a 9% rise. The value then rose significantly to Rs 700 per sq.ft in 2007, reflecting a 121% increase. Following this, the 2012 revision set the value at Rs 2,500 per sq.ft, a decrease of 257% from the previous figure. In 2017, the value was revised to Rs 1,675 per sq.ft, which was a 33% decline. The 2023 revision brought the value to Rs 2,500 per sq.ft, and the most recent revision in 2024 set it at Rs 2,700 per sq.ft, an increase of 8%.

Overall, from 2002 to 2024, the guideline value has increased by 825%. There are no figures available for the years not listed in the register for this street.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, which is equal to the current guideline value of Prakasam Street (Kennady Square).

• Prakasam Street: Rs 3,800 per sq.ft (2024)
• Prakash Avenue: Rs 3,500 per sq.ft (2024)
• Prakash Street: Rs 3,600 per sq.ft (2024)
• Pudu Street: Rs 1,900 per sq.ft (2024)
• Ponnuswamy Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• Ponnuswamy Nagar 2nd Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Prakasam Street (Kennady Square)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Prakasam Street (Kennady Square)?

The Sub Registrar Office that covers Prakasam Street (Kennady Square) is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Sembiam. It is used to determine the applicable stamp duty and registration fees, which are mandatory for property transactions. The guideline value must be considered along with the sale price to ensure compliance with the registration requirements.

When a property is registered, the authorities will assess the guideline value to calculate the fees. Buyers and sellers should be aware that the fees are charged based on the higher amount between the guideline value and the actual sale price, ensuring that the transaction is properly documented and taxed.

Frequently asked questions

What is the current guideline value of Prakasam Street (Kennady Square)?

The current guideline value of Prakasam Street (Kennady Square) is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 292 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 825% over this period.

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

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000, and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which office handles registrations for Prakasam Street?

The Sembiam Sub Registrar Office handles registrations for Prakasam Street (Kennady Square), located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the guideline value determined for property transactions?

The guideline value is determined by the registration authorities and is used to calculate the applicable stamp duty and registration fees during property transactions. It is essential for ensuring compliance with legal requirements when buying or selling property.