Guideline Value for Prakash Street

Prakash Street guideline value

The current guideline value of Prakash Street in Sembiam village, under the Sembiam SRO, is Rs 3,600 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Special Type - II.

How the guideline value of Prakash Street has changed

The guideline value for Prakash Street has seen significant changes over the years. In the 2002 revision, the value was Rs 299 per sq.ft. This increased to Rs 324 per sq.ft in 2003, marking an 8% rise. The value then saw a substantial increase to Rs 700 per sq.ft in 2007, which was a 116% jump. Following this, the 2012 revision set the value at Rs 3,300 per sq.ft, reflecting a decrease of 371% from the previous revision.

In the 2017 revision, the value was Rs 2,211 per sq.ft, which was a 49% increase from the 2012 figure. The 2023 revision raised the guideline value to Rs 3,300 per sq.ft, and the most recent revision in 2024 set it at Rs 3,600 per sq.ft, showing a 9% increase from the previous year. There are no figures available for the revisions between 2012 and 2017, and all revisions have been accounted for.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO, with guideline values 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, making the 2024 guideline value of Prakash Street above this median.

• Prakash Avenue: Rs 3,500 per sq.ft (2024)
• Prakasam Street (Kennady Square): Rs 2,700 per sq.ft (2024)
• Prakasam Street: Rs 3,800 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,600 per sq.ft, the total guideline value would be Rs 36,00,000. The stamp duty at 7% would amount to Rs 2,52,000, and the registration fee at 2% would be Rs 72,000, bringing the total fees to Rs 3,24,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Prakash Street?

The Sub Registrar Office that covers Prakash Street 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 plays a crucial role during property transactions in Sembiam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The guideline value is set by the government and reflects the minimum value at which properties can be registered.

When selling a property, the seller must ensure that the sale price is not lower than the guideline value to avoid penalties. This ensures that all transactions are transparent and that the government receives appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Prakash Street?

The current guideline value of Prakash Street is Rs 3,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 299 per sq.ft in 2002 to Rs 3,600 per sq.ft in 2024, marking an overall increase of 1104%.

What is the land classification for Prakash Street?

The land classification for Prakash Street is Mixed Special Type - II.

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

The Sub Registrar Office for Prakash Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in Prakash Street?

Stamp duty for properties in Prakash Street is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 36,00,000 would incur a stamp duty of Rs 2,52,000 at 7%.