Guideline Value for Prasanthi Colony 3rd Street

Prasanthi Colony 3rd Street guideline value

The current guideline value of Prasanthi Colony 3rd Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Prasanthi Colony 3rd Street has changed

The guideline value for Prasanthi Colony 3rd Street has seen several revisions over the years. In the 2012 revision, the value was set at Rs 2,200 per sq.ft, which remained unchanged in the 2023 revision. However, the 2024 revision increased the guideline value to Rs 2,400 per sq.ft, marking a 9% increase from the previous year.

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. Thus, the only revisions that reflect a guideline value are from 2012, 2023, and 2024, showing an overall increase of 9% from 2012 to 2024.

Guideline values in Madambakkam

In Madambakkam village, 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 aligns with the current value of Prasanthi Colony 3rd Street.

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

Stamp duty and registration fee for property in Prasanthi Colony 3rd Street

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 fees together to Rs 2,16,000. It is important to 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 details on calculating fees.

Which Sub Registrar Office covers Prasanthi Colony 3rd Street?

The Prasanthi Colony 3rd Street 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 Madambakkam

The guideline value plays a crucial role in the registration process of property transactions in Madambakkam. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these fees are based on a standardized valuation of the property.

It is essential for buyers and sellers to be aware of the guideline value, as it can affect the overall cost of the transaction. Accurate knowledge of the guideline value helps in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Prasanthi Colony 3rd Street?

The current guideline value of Prasanthi Colony 3rd 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 increased to Rs 2,400 per sq.ft in 2024, marking a 9% increase from the previous year.

Which Sub Registrar Office covers this area?

The Selaiyur Sub Registrar Office covers Prasanthi Colony 3rd Street, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

What are the stamp duty and registration fees for properties here?

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.

What is the land classification for Prasanthi Colony 3rd Street?

The land classification for Prasanthi Colony 3rd Street is Commercial Class I Type - II.