Guideline Value for Prasanthi Colony 2nd Main Road

Prasanthi Colony 2nd Main Road guideline value

The current guideline value of Prasanthi Colony 2nd Main Road is Rs 2,400 per sq.ft, effective from 1 July 2024. This road is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Prasanthi Colony 2nd Main Road has changed

The guideline value for Prasanthi Colony 2nd Main Road has undergone several revisions over the years. The 2012 revision set the value at Rs 2,200 per sq.ft, which remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 2,400 per sq.ft, marking a 9% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 9%. There are no figures available for the revisions in the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for the area is Rs 2,400 per sq.ft, which is equal to the current figure for Prasanthi Colony 2nd Main Road.

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

Stamp duty and registration fee for property in Prasanthi Colony 2nd Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total to Rs 2,16,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prasanthi Colony 2nd Main Road?

The Sub Registrar Office that covers Prasanthi Colony 2nd Main Road 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 a crucial factor when registering property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which properties can be sold or bought, ensuring that the transaction is recorded accurately in the official register.

When buyers and sellers engage in a property transaction, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations associated with the property transfer.

Frequently asked questions

What is the current guideline value of Prasanthi Colony 2nd Main Road?

The current guideline value of Prasanthi Colony 2nd Main Road 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, but increased to Rs 2,400 per sq.ft in 2024. This represents a 9% increase from the previous year.

What is the land classification for Prasanthi Colony 2nd Main Road?

The land classification for Prasanthi Colony 2nd Main Road is Commercial Class I Type - II.

What are the stamp duty and registration fees for property transactions?

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For example, for a property valued at Rs 24,00,000, the stamp duty would be Rs 1,68,000 and the registration fee would be Rs 48,000.

Which office handles the registration for properties in Prasanthi Colony 2nd Main Road?

The Selaiyur Sub Registrar Office handles the registration for properties in Prasanthi Colony 2nd Main Road, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.