Guideline Value for Prasath Avenue ( Ward No.24 )

Prasath Avenue ( Ward No.24 ) guideline value

The current guideline value for Prasath Avenue ( Ward No.24 ) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Prasath Avenue ( Ward No.24 ) has changed

The guideline value for Prasath Avenue has seen several revisions over the years. The oldest recorded revision is from 2012, where the value was Rs 1,200 per sq.ft. This increased to Rs 1,500 per sq.ft in 2023, marking a 25% rise. The latest revision in 2024 shows a further increase to Rs 1,600 per sq.ft, which is a 7% increase from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 33%. The current rate of Rs 1,600 per sq.ft aligns with the median guideline value of Rs 1,600 per sq.ft for the 1,946 streets in Madhavaram under the Madhavaram SRO.

Guideline values in Madhavaram

In Madhavaram, guideline values range from Rs 1,300 to Rs 7,500 per sq.ft as per the 2024 revision. The median value is Rs 1,600 per sq.ft, which is equal to the current guideline value of Prasath Avenue.

• Prasath Avenue: Rs 1,600 per sq.ft (2024)
• Prashanth Nagar: Rs 1,600 per sq.ft (2024)
• Prakash Nagar, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar Main Roads & Cross Streets ( Ward No.23 ): Rs 2,700 per sq.ft (2024)
• Prakash Nagar Extension: Rs 2,700 per sq.ft (2024)
• Prakash Nagar 9th St, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Prasath Avenue ( Ward No.24 )

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Prasath Avenue ( Ward No.24 )?

The Sub Registrar Office that covers Prasath Avenue ( Ward No.24 ) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When a property is bought or sold, the registration office uses the guideline value to calculate the applicable fees. This ensures that the transaction is recorded accurately and that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Prasath Avenue ( Ward No.24 )?

The current guideline value of Prasath Avenue ( Ward No.24 ) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Prasath Avenue has increased from Rs 1,200 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 33% over this period.

What are the stamp duty and registration fees for property in Prasath Avenue?

For a 1,000 sq.ft plot at the current guideline value, the total guideline value is Rs 16,00,000. The stamp duty would be Rs 1,12,000, and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which Sub Registrar Office covers Prasath Avenue?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, covers Prasath Avenue ( Ward No.24 ).

What is the land classification for Prasath Avenue?

Prasath Avenue ( Ward No.24 ) is classified as Residential Class II Type - I, indicating its suitability for residential development.