Guideline Value for Prasanth Colony 1st Street

Prasanth Colony 1st Street guideline value

The current guideline value of Prasanth Colony 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village under the Selaiyur SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Prasanth Colony 1st Street has changed

The guideline value for Prasanth Colony 1st Street has undergone several revisions over the years. In the 2007 revision, the value was Rs 450 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in the 2012 revision. However, there was a decrease to Rs 1,675 per sq.ft in the 2017 revision. The 2023 revision saw an increase to Rs 2,500 per sq.ft, and the latest revision in 2024 has set the guideline value at Rs 2,700 per sq.ft. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

Between the revisions, the changes are as follows: from 2007 to 2012, the value increased by 456%. The value then decreased by 33% from 2012 to 2017. Following that, there was a substantial increase of 49% from 2017 to 2023. Finally, the value rose by 8% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 500%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Prasanth Colony 1st Street above that median at Rs 2,700 per sq.ft.

• Prasanth Colony: Rs 2,700 per sq.ft (2024)
• Prasanth Colony 2nd Street: Rs 2,700 per sq.ft (2024)
• Prasanth Colony 3rd Street: Rs 2,700 per sq.ft (2024)
• Prasanth Colony Extn: Rs 2,700 per sq.ft (2024)
• Prasanth Colony Main Road: Rs 2,700 per sq.ft (2024)
• Pudhu Nagar 1st Cross Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Prasanth Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees together to Rs 2,43,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Prasanth Colony 1st Street?

The Sub Registrar Office that covers Prasanth Colony 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chembakkam. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the property is registered at a value that reflects the current market conditions.

When a property is sold, the guideline value helps in determining the official value of the transaction. Buyers and sellers must be aware of this value to ensure compliance with local regulations and to avoid any potential disputes during the registration process.

Frequently asked questions

What is the current guideline value of Prasanth Colony 1st Street?

The current guideline value of Prasanth Colony 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 450 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, showing an overall increase of 500% over the years.

What is the land classification for Prasanth Colony 1st Street?

The land classification for Prasanth Colony 1st Street is Residential Class I Type - III.

What are the registration fees for property transactions?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000. Fees are based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Prasanth Colony 1st Street located?

The Sub Registrar Office for Prasanth Colony 1st Street is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.