Guideline Value for Prasath Street in Dr. Seethapathy Layout

Prasath Street in Dr. Seethapathy Layout guideline value

The current guideline value of Prasath Street in Dr. Seethapathy Layout is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Prasath Street in Dr. Seethapathy Layout has changed

Over the years, the guideline value of Prasath Street has seen several revisions. The 2012 revision set the value at Rs 5,000 per sq.ft, which then decreased to Rs 3,350 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 5,000 per sq.ft in 2023 and further to Rs 5,500 per sq.ft in the 2024 revision. The register has no figure for this street in the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 shows a modest increase of 10%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, making the 2024 value of Prasath Street above the median.

• Prasath Street: Rs 5,500 per sq.ft (2024)
• Prasath Lane: Rs 4,400 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 Street in Dr. Seethapathy Layout

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total charges to Rs 4,95,000. 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 detailed calculations.

Which Sub Registrar Office covers Prasath Street in Dr. Seethapathy Layout?

The Sub Registrar Office that covers Prasath Street in Dr. Seethapathy Layout is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Velachery. It serves as a reference point for calculating stamp duty and registration fees, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value helps determine the minimum value at which a property can be registered. This means that if the sale price is lower than the guideline value, the duty will be charged based on the guideline value instead.

Frequently asked questions

What is the current guideline value of Prasath Street?

The current guideline value of Prasath Street in Dr. Seethapathy Layout is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2012 to Rs 3,350 per sq.ft in 2017, then increased to Rs 5,000 per sq.ft in 2023, and finally to Rs 5,500 per sq.ft in 2024.

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

For a 1,000 sq.ft plot at the current guideline value, the total charges including stamp duty and registration fees would amount to Rs 4,95,000.

Which office handles registrations for Prasath Street?

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

What is the land classification for Prasath Street?

The land classification for Prasath Street in Dr. Seethapathy Layout is Residential Class I Type - III.