Guideline Value for Prathap Avenue

Prathap Avenue guideline value

The current guideline value of Prathap Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village under the Tambaram Joint 1 SRO, classified as Residential Class I Type - II.

How the guideline value of Prathap Avenue has changed

The guideline value for Prathap Avenue has undergone several revisions over the years. In the 2012 revision, the guideline value was set at Rs 2,500 per sq.ft. This value decreased to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, representing a 49% rise. The most recent revision in 2024 has further increased the guideline value to Rs 2,750 per sq.ft, which is a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Prathap Avenue's 2024 figure above this median.

• Prathap Avenue (Munu Adhi Street): Rs 2,750 per sq.ft (2024)
• Prathip Avenue: Rs 1,650 per sq.ft (2024)
• Prem Nagar: Rs 1,100 per sq.ft (2024)
• Priyalvar Street: Rs 1,100 per sq.ft (2024)
• Pugalendhi Street: Rs 2,750 per sq.ft (2024)
• Poombuhar Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Prathap Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, these fees total Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prathap Avenue?

The Sub Registrar Office that covers Prathap Avenue is the Tambaram Joint 1 Sub Registrar Office, located at No.26, mes Road, East Tambaram, Chennai-600059, 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 Chitlapakkam

The guideline value is a crucial factor in the registration of property transactions in Chitlapakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that all transactions are conducted fairly and transparently.

Frequently asked questions

What is the current guideline value of Prathap Avenue?

The current guideline value of Prathap Avenue is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in Prathap Avenue?

The stamp duty is charged at 7% of the higher value between the guideline value and sale price, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 2,47,500.

Which office handles the registration for Prathap Avenue?

The Tambaram Joint 1 Sub Registrar Office handles the registration for Prathap Avenue, located at No.26, mes Road, East Tambaram, Chennai-600059.

What is the land classification for Prathap Avenue?

Prathap Avenue is classified as Residential Class I Type - II, indicating its suitability for residential development.