Guideline Value for Prathap Chandran Street

Prathap Chandran Street guideline value

The current guideline value of Prathap Chandran 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 Prathap Chandran Street has changed

The guideline value for Prathap Chandran Street has seen several revisions over the years. 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 the 2023 revision, before rising again to Rs 5,500 per sq.ft in the 2024 revision.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. The transition from 2023 to 2024 reflects a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, making the 2024 figure for Prathap Chandran Street above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Prathap Chandran Street?

The Sub Registrar Office that covers Prathap Chandran Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees that are applicable during the registration process.

Understanding the guideline value is essential for both buyers and sellers to ensure compliance with legal requirements. It provides transparency in property transactions and aids in preventing undervaluation of properties during registration.

Frequently asked questions

What is the current guideline value of Prathap Chandran Street?

The current guideline value of Prathap Chandran 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 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 Prathap Chandran Street?

Prathap Chandran 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 the stamp duty calculated for properties in Velachery?

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