Guideline Value for Prasanthi Colony 2nd Street

Prasanthi Colony 2nd Street guideline value

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

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

In the 2012 revision, the guideline value for Prasanthi Colony 2nd Street was Rs 2,200 per sq.ft. This figure remained unchanged in the 2023 revision, which also recorded Rs 2,200 per sq.ft. 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%. The register does not have figures for 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 guideline value for 2024, 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 is equal to the 2024 figure for Prasanthi Colony 2nd Street.

• Prasanthi Colony 2nd Main Road: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 3rd Cross Street: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 2nd Cross Street: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 3rd Street: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 1st Street: Rs 2,400 per sq.ft (2024)
• Prasanthi Colony 4th Street: Rs 2,400 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value is 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, making the total cost for these fees Rs 2,16,000. It is important to note that 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 information.

Which Sub Registrar Office covers Prasanthi Colony 2nd Street?

The Sub Registrar Office that covers Prasanthi Colony 2nd 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madambakkam. It is used to determine the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property transactions. It is advisable for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of Prasanthi Colony 2nd 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. Overall, from 2012 to 2024, it has increased by 9%.

Which Sub Registrar Office is responsible for Prasanthi Colony 2nd Street?

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

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

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, totaling Rs 2,16,000. These fees are based on the guideline value or the sale price, whichever is higher.

What is the land classification of Prasanthi Colony 2nd Street?

Prasanthi Colony 2nd Street is classified as Commercial Class I Type - II, which indicates its intended use for commercial purposes.