Guideline Value for Prasanthi Colony 2nd Cross Street

Prasanthi Colony 2nd Cross Street guideline value

The current guideline value of Prasanthi Colony 2nd Cross Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, classified as Commercial Class I Type - II.

How the guideline value of Prasanthi Colony 2nd Cross Street has changed

Since the 2012 revision, the guideline value for Prasanthi Colony 2nd Cross Street has remained stable at Rs 2,200 per sq.ft until the 2023 revision. In 2023, it was revised to Rs 2,200 per sq.ft, showing no change from the previous year. The latest revision in 2024 increased the guideline value to Rs 2,400 per sq.ft, marking a 9% increase from 2023.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 9%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2017 in the register for this street.

Guideline values in Madambakkam

In Madambakkam, there are a total of 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, which aligns with the current value for Prasanthi Colony 2nd Cross Street.

• Prasanthi Colony 1st Street: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 2nd Main Road: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 1st Main Road: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 2nd Street: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 1st Cross Street: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 3rd Cross Street: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Prasanthi Colony 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total fees to Rs 2,16,000. Please note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Prasanthi Colony 2nd Cross Street?

The Sub Registrar Office covering Prasanthi Colony 2nd Cross 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 Madambakkam

The guideline value is an important metric used during the registration of property transactions in Madambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is sold, the buyer and seller must ensure that the sale price is at least equal to the guideline value. This ensures that the appropriate fees are calculated based on the higher of the two values, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Prasanthi Colony 2nd Cross Street?

The current guideline value of Prasanthi Colony 2nd Cross Street is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 2,200 per sq.ft from 2012 to 2023, and then increased to Rs 2,400 per sq.ft in 2024, marking a 9% increase from the previous year.

What is the land classification for Prasanthi Colony 2nd Cross Street?

Prasanthi Colony 2nd Cross Street is classified as Commercial Class I Type - II.

What are the stamp duty and registration fees for properties in this area?

Stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees would be Rs 2,16,000.

Which office handles property registrations for this street?

The Selaiyur Sub Registrar Office handles property registrations for Prasanthi Colony 2nd Cross Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.