Guideline Value for Prakasam Street

Prakasam Street guideline value

The current guideline value of Prakasam Street in Sembiam village, under the Sembiam SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is classified as Mixed Special Type - I.

How the guideline value of Prakasam Street has changed

The guideline value of Prakasam Street has seen significant changes over the years. In the 2002 revision, the value was Rs 292 per sq.ft. This increased to Rs 317 per sq.ft in 2003, reflecting a growth of 9%. The value continued to rise, reaching Rs 700 per sq.ft in 2007, which was a substantial increase of 121%. The 2012 revision saw a drop to Rs 3,500 per sq.ft, a decrease of 33% from the previous figure. However, this was followed by a rise to Rs 2,345 per sq.ft in 2017, marking a 49% increase. The value further increased to Rs 3,500 per sq.ft in 2023, before reaching the current value of Rs 3,800 per sq.ft in 2024, which is a 9% increase from the previous year.

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, with a median value of Rs 2,700 per sq.ft. Prakasam Street's current guideline value is above this median.

• Prakasam Street (Kennady Square): Rs 2,700 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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total cost for these fees to Rs 3,42,000. 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 more detailed calculations.

Which Sub Registrar Office covers Prakasam Street?

Prakasam Street is covered by the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. To find more information, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Sembiam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is considered alongside the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount based on the prevailing property values.

Frequently asked questions

What is the current guideline value of Prakasam Street?

The current guideline value of Prakasam Street is Rs 3,800 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 292 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 1201% over this period.

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

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Which Sub Registrar Office covers Prakasam Street?

Prakasam Street is covered by the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

What is the land classification of Prakasam Street?

Prakasam Street is classified as Mixed Special Type - I, which affects its guideline value and potential uses.