Guideline Value for Prakasam Street

Prakasam Street guideline value

The current guideline value of Prakasam Street in Naravarikuppam village is Rs 1,320 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class III Type - I.

How the guideline value of Prakasam Street has changed

The guideline value for Prakasam Street has undergone several revisions over the years. In 2002, the guideline value was Rs 3,471 per sq.ft, which then decreased to Rs 353 per sq.ft in 2003. The value increased to Rs 400 per sq.ft in 2007, followed by a significant rise to Rs 1,200 per sq.ft in 2012. However, it dropped to Rs 804 per sq.ft in 2017. The value saw a substantial increase to Rs 1,200 per sq.ft in 2023 and has now risen to Rs 1,320 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has decreased by 62%. The changes between the revisions include a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 200% increase from 2007 to 2012, a 13% increase from 2003 to 2007, and a 90% decrease from 2002 to 2003. There are no figures available for the revisions in years not mentioned in the register for this street.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO that carry a 2024 guideline value, ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Prakasam Street's 2024 figure below that median.

• Poonga Street: Rs 1,870 per sq.ft (2024)
• Poonga Anna Street: Rs 1,870 per sq.ft (2024)
• Ponnuvel Street: Rs 1,320 per sq.ft (2024)
• P.W.D. Office Cross Street: Rs 1,650 per sq.ft (2024)
• P.W.D. Office Street: Rs 1,650 per sq.ft (2024)
• Ragavalu Nayakkar Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Prakasam Street

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. The duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Prakasam Street?

The Sub Registrar Office that covers Prakasam Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Naravarikuppam. It is used to determine the stamp duty and registration fees applicable to the property, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling a property, the guideline value is assessed to establish the minimum value on which stamp duty is calculated. This helps in maintaining transparency and fairness in property dealings, as it reflects the official valuation of the property based on the prevailing rates in the area.

Frequently asked questions

What is the current guideline value of Prakasam Street?

The current guideline value of Prakasam Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,471 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, reflecting a decrease of 62% overall. The most recent revision saw a 10% increase from Rs 1,200 per sq.ft in 2023.

What is the land classification for Prakasam Street?

Prakasam Street is classified as Residential Class III Type - I, indicating its use for residential purposes.

Where can I find the Sub Registrar Office for Prakasam Street?

The Sub Registrar Office for Prakasam Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in Naravarikuppam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 13,20,000 would incur a stamp duty of Rs 92,400 at 7%.