Guideline Value for Prasath Street

Prasath Street guideline value

The current guideline value of Prasath Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class I Type - III.

How the guideline value of Prasath Street has changed

The guideline value for Prasath Street has seen several revisions over the years. In 2012, the guideline value was Rs 5,000 per sq.ft, which decreased to Rs 3,350 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value to Rs 5,000 per sq.ft. The latest revision in 2024 has further raised the value to Rs 5,500 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for Prasath Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a guideline value for 2024, ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Prasath Street's 2024 guideline value of Rs 5,500 per sq.ft is above this median.

• Prasath Street in Dr. Seethapathy Layout: 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

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, while the registration fee at 2% would be Rs 1,10,000. Together, the total cost for stamp duty and registration would be Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Prasath Street?

The Sub Registrar Office that covers Prasath Street 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 critical factor in the registration process of property transactions in Velachery. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, it is essential to be aware of the guideline value, as it can influence negotiations and the overall cost of the transaction. Buyers should ensure that the sale price is in alignment with the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Prasath Street?

The current guideline value of Prasath Street 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 is the land classification of Prasath Street?

Prasath Street is classified as Residential Class I Type - III.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for properties in Prasath Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000.