Guideline Value for Prathip Avenue

Prathip Avenue guideline value

The current guideline value of Prathip Avenue, located in Chitlapakkam village, under the Tambaram Joint 1 SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - III land classification.

How the guideline value of Prathip Avenue has changed

The guideline value for Prathip Avenue has undergone several revisions over the years. In 2012, the guideline value was set at Rs 1,500 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 1,005 per sq.ft. However, in 2023, the value increased significantly to Rs 1,500 per sq.ft, and it further rose to Rs 1,650 per sq.ft in the 2024 revision, marking a 10% increase from 2023. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%. Following this, the value saw a substantial increase of 49% from 2017 to 2023. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with the 2024 guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value is Rs 1,650 per sq.ft, which is equal to the guideline value of Prathip Avenue.

• Prathap Avenue (Munu Adhi Street): Rs 1,650 per sq.ft (2024)
• Prathap Avenue: Rs 2,750 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 Prathip Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Prathip Avenue?

The Sub Registrar Office that covers Prathip Avenue is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during property transactions in Chitlapakkam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. The guideline value is set by the government and is revised periodically to reflect changes in the real estate market.

When you register a property, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, and it is essential for buyers and sellers to be aware of the current guideline value in their area.

Frequently asked questions

What is the current guideline value of Prathip Avenue?

The current guideline value of Prathip Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with the latest revision in 2024 setting it at Rs 1,650 per sq.ft. It was Rs 1,500 per sq.ft in 2023, Rs 1,005 per sq.ft in 2017, and Rs 1,500 per sq.ft in 2012.

What is the land classification for Prathip Avenue?

Prathip Avenue is classified under Residential Class I Type - III, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Prathip Avenue?

The Sub Registrar Office for Prathip Avenue is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for property in Prathip Avenue?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 16,50,000 would incur a stamp duty of Rs 1,15,500 at a rate of 7%.