Guideline Value for Prasanth Colony

Prasanth Colony guideline value

The current guideline value of Prasanth Colony in Chembakkam village is Rs 2,700 per sq.ft, effective from 1 July 2024. This area falls under the Selaiyur Sub Registrar Office (SRO) and is classified as Residential Class I Type - III.

How the guideline value of Prasanth Colony has changed

The guideline value of Prasanth Colony has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 450 per sq.ft. This increased significantly to Rs 2,500 per sq.ft in 2012, marking a 456% rise. However, in the 2017 revision, the value dropped to Rs 1,675 per sq.ft, a decrease of 33%. The value then rose again to Rs 2,500 per sq.ft in 2023, and most recently to Rs 2,700 per sq.ft in 2024, reflecting an 8% increase from the previous year. Notably, the register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 500%. The changes between the revisions highlight fluctuations, with the most significant jump occurring between 2007 and 2012, followed by a steady increase leading to the current value.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with 2024 guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Prasanth Colony's 2024 figure above this median.

• Prasanth Colony 1st Street: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty, calculated at 7%, would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. It's important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prasanth Colony?

The Prasanth Colony area is covered by 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 plays a crucial role in the registration of property transactions in Chembakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is considered along with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Prasanth Colony?

The current guideline value of Prasanth Colony 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, reflecting an overall increase of 500% over this period.

What are the stamp duty and registration fees for properties in Prasanth Colony?

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.

Which Sub Registrar Office covers Prasanth Colony?

The Selaiyur Sub Registrar Office covers Prasanth Colony, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification for Prasanth Colony?

Prasanth Colony is classified as Residential Class I Type - III, indicating its designated use for residential purposes.