Guideline Value for Prakash Avenue

Prakash Avenue guideline value

The current guideline value of Prakash Avenue is Rs 3,500 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village, under the Sembiam SRO, and is classified as Residential Special Type - II.

How the guideline value of Prakash Avenue has changed

The guideline value for Prakash Avenue has undergone several revisions since 2002. The register shows that in 2002, the value was Rs 499 per sq.ft, which increased to Rs 541 per sq.ft in 2003. Following this, the value rose significantly to Rs 900 per sq.ft in 2007, then jumped to Rs 3,200 per sq.ft in 2012. However, it saw a decrease to Rs 2,144 per sq.ft in 2017. The value then increased to Rs 3,200 per sq.ft in 2023, before reaching the current value of Rs 3,500 per sq.ft in 2024.

Overall, the changes between revisions indicate a rise of 601% from 2002 to 2024. Specifically, the value increased by 8% from 2002 to 2003, 66% from 2003 to 2007, 256% from 2007 to 2012, a decrease of 33% from 2012 to 2017, and a significant increase of 49% from 2017 to 2023. The latest revision shows a 9% increase from 2023 to 2024.

Guideline values in Sembiam

In Sembiam village, 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. Prakash Avenue's current guideline value is above this median.

• Prakasam Street (Kennady Square): Rs 2,700 per sq.ft (2024)
• Prakasam Street: Rs 3,800 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 Prakash Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 3,500 per sq.ft, the total guideline value would be Rs 35,00,000. The stamp duty at 7% would amount to Rs 2,45,000, and the registration fee at 2% would be Rs 70,000, bringing the total fees to Rs 3,15,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Prakash Avenue?

The Sub Registrar Office that covers Prakash Avenue is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Sembiam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are necessary for the legal transfer of ownership. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations and to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Prakash Avenue?

The current guideline value of Prakash Avenue is Rs 3,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 499 per sq.ft in 2002 to Rs 3,500 per sq.ft in 2024, reflecting a total increase of 601% over the years.

What is the land classification for Prakash Avenue?

Prakash Avenue is classified as Residential Special Type - II, which is relevant for determining the applicable guidelines and regulations for property transactions.

What are the stamp duty rates for properties in Prakash Avenue?

The stamp duty for properties in Prakash Avenue is charged at 7% of the guideline value or sale price, whichever is higher. The registration fee is charged at 2% of the guideline value.

Which office should I visit for property registration in Sembiam?

The Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011, is the designated office for property registration in this area.