Guideline Value for Prakasam Street

Prakasam Street guideline value

The current guideline value of Prakasam Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class I Type - II.

How the guideline value of Prakasam Street has changed

The guideline value for Prakasam Street has seen significant changes over the years. In 2002, the value was Rs 363 per sq.ft, which rose to Rs 395 per sq.ft in 2003, marking an increase of 9%. By 2007, the value surged to Rs 750 per sq.ft, reflecting a substantial increase of 90%. The value remained at Rs 750 per sq.ft until 2012, when it was revised to Rs 4,000 per sq.ft, an increase of 433%. The value has remained unchanged at Rs 4,000 per sq.ft from 2012 until the 2023 revision.

In 2023, the guideline value was updated to Rs 4,000 per sq.ft, and in the latest revision for 2024, it increased to Rs 4,400 per sq.ft, which is a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 1112%.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, placing Prakasam Street's 2024 figure above this median.

• Poolakshi Street: Rs 4,400 per sq.ft (2024)
• Radha Avenue 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Radha Avenue 1st Street: Rs 3,850 per sq.ft (2024)
• Radha Avenue 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Radha Avenue 2nd Street: Rs 3,850 per sq.ft (2024)
• Radha Avenue 3rd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Prakasam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Prakasam Street?

The Sub Registrar Office that covers Prakasam Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Valasaravakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When registering a property, buyers and sellers must adhere to the guideline value set by the Registration Department. This ensures that the transaction is recorded accurately and that the appropriate fees are collected based on the established rates.

Frequently asked questions

What is the current guideline value of Prakasam Street?

The current guideline value of Prakasam Street is Rs 4,400 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 363 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 1112% over this period.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office covers Prakasam Street?

The Virugambakkam Sub Registrar Office covers Prakasam Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the median guideline value for streets in Valasaravakkam?

The median guideline value for streets in Valasaravakkam is Rs 3,850 per sq.ft, with Prakasam Street's value being above this median at Rs 4,400 per sq.ft.