Guideline Value for Prasath Lane

Prasath Lane guideline value

The current guideline value of Prasath Lane is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, classified as Residential Class II Type - II.

How the guideline value of Prasath Lane has changed

Over the years, the guideline value of Prasath Lane has seen several revisions. The earliest recorded figure is from 2012, which was Rs 4,000 per sq.ft. This was followed by a decrease to Rs 2,680 per sq.ft in 2017. The value then increased to Rs 4,000 per sq.ft in 2023, and the most recent revision in 2024 has set the guideline value at Rs 4,400 per sq.ft. Notably, there are no recorded figures for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased significantly by 49%. The jump from 2023 to 2024 represents a 10% increase, bringing the overall change from 2012 to 2024 to a modest 10% increase.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which aligns with the current guideline value of Prasath Lane.

• Prasath Street: Rs 5,500 per sq.ft (2024)
• Prasath Street in Dr. Seethapathy Layout: Rs 5,500 per sq.ft (2024)
• Prathap Chandran Street: Rs 5,500 per sq.ft (2024)
• Prabu Lane: Rs 4,400 per sq.ft (2024)
• Pudhu Street (Maduvangarai): Rs 4,400 per sq.ft (2024)
• Putheri Colony: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Prasath Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Prasath Lane?

The Sub Registrar Office that covers Prasath Lane is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value serves as a benchmark for property transactions in Velachery. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these costs are calculated fairly based on the official rates.

Frequently asked questions

What is the current guideline value of Prasath Lane?

The current guideline value of Prasath Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 in 2012 to Rs 2,680 in 2017, then back to Rs 4,000 in 2023, and finally to Rs 4,400 in 2024.

What are the other streets in Velachery with their guideline values?

Other streets in Velachery include Prasath Street, Prasath Street in Dr. Seethapathy Layout, and Prathap Chandran Street, all at Rs 5,500 per sq.ft, while Prabu Lane and Pudhu Street (Maduvangarai) are at Rs 4,400 per sq.ft.

What fees are associated with buying property in Prasath Lane?

When buying property in Prasath Lane, the stamp duty is 7% and the registration fee is 2% of the guideline value or the sale price, whichever is higher.

Which office handles the registration for Prasath Lane?

The Velacheri Sub Registrar Office handles the registration for Prasath Lane, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.