Guideline Value for Prathish Street

Prathish Street guideline value

The current guideline value of Prathish Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mugappair village and falls under the Konnur SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Prathish Street has changed

The guideline value for Prathish Street has undergone several revisions over the years. In the 2012 revision, the value was Rs 6,500 per sq.ft, which then decreased to Rs 4,355 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 6,500 per sq.ft, reflecting a 49% rise. The most recent revision in 2024 set the value at Rs 7,100 per sq.ft, marking a 9% 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 Prathish Street. Overall, from 2012 to 2024, the guideline value has increased by 9%.

Guideline values in Mugappair

In Mugappair, there are 224 streets under the Konnur SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 7,100 per sq.ft, which aligns with the current value for Prathish Street.

• Puducherry Colony: Rs 3,800 per sq.ft (2024)
• Pugazhanthi Salai (Mogappair East Block 4): Rs 7,100 per sq.ft (2024)
• Quiathemillath Street - (T.M.P.Nagar): Rs 5,500 per sq.ft (2024)
• Perumal Nagar: Rs 7,100 per sq.ft (2024)
• Periyar Street (Srinivasa Nagar): Rs 3,800 per sq.ft (2024)
• Periyar Street Ist Cross Street to 5 Cross Street and others Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Prathish Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty, calculated at 7%, would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000. Together, the total cost for stamp duty and registration would be Rs 6,39,000. 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 Prathish Street?

The Sub Registrar Office that covers Prathish Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Mugappair. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value as per the government standards.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Prathish Street?

The current guideline value of Prathish Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 6,500 per sq.ft in 2012 to Rs 4,355 per sq.ft in 2017, then increased to Rs 6,500 per sq.ft in 2023, and finally to Rs 7,100 per sq.ft in 2024.

What is the land classification for Prathish Street?

Prathish Street is classified as Residential Special Type - I according to the land classification standards.

Where can I find the registration office for Prathish Street?

The registration office for Prathish Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is the stamp duty calculated for properties in Mugappair?

Stamp duty for properties in Mugappair is calculated based on the guideline value or the sale price, whichever is higher. The current rate is 7% for stamp duty and 2% for the registration fee.