Guideline Value for Prime Phase-1

Prime Phase-1 guideline value

The current guideline value of Prime Phase-1 in Okkiyamthuraipakkam village is Rs 5,000 per sq.ft, effective from 1 July 2024. This area falls under the Neelankarai SRO and is classified as Residential Special Type - IV.

How the guideline value of Prime Phase-1 has changed

The guideline value of Prime Phase-1 has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 5,000 per sq.ft, an increase from Rs 4,500 per sq.ft in the 2023 revision. The 2023 figure remained unchanged from the 2017 revision, which was also Rs 4,500 per sq.ft. The register has no figure for this street for the years 2002, 2003, 2007, and 2012.

Overall, from 2017 to 2024, the guideline value has increased by 11%. The change from 2023 to 2024 represents an 11% increase, while there was no change between 2017 and 2023.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which means that Prime Phase-1's 2024 figure is above that median.

• Prime Phase-II: Rs 5,500 per sq.ft (2024)
• Ptc Quarters 1st Cross Street: Rs 2,800 per sq.ft (2024)
• Ptc Quarters 1st Main Road: Rs 3,300 per sq.ft (2024)
• Ptc Quarters 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• Ptc Quarters 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Ptc Quarters 3rd Cross Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Prime Phase-1

For a 1,000 sq.ft plot at the current rate of Rs 5,000 per sq.ft, the guideline value totals Rs 50,00,000. The stamp duty at 7% would be Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total to Rs 4,50,000. Please 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 detailed calculations.

Which Sub Registrar Office covers Prime Phase-1?

The Sub Registrar Office that covers Prime Phase-1 is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor in the registration of property transactions in Okkiyamthuraipakkam. 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.

When you buy or sell property, the guideline value helps in calculating the stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Prime Phase-1?

The current guideline value of Prime Phase-1 is Rs 5,000 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed from 2017 to 2024?

From 2017 to 2024, the guideline value of Prime Phase-1 has increased by 11%, going from Rs 4,500 per sq.ft to Rs 5,000 per sq.ft.

What was the guideline value in 2023?

The guideline value in 2023 was Rs 4,500 per sq.ft, which remained unchanged from the 2017 revision.

What are the other streets in Okkiyamthuraipakkam and their guideline values?

Other streets in Okkiyamthuraipakkam include Prime Phase-II at Rs 5,500 per sq.ft, Ptc Quarters 1st Cross Street at Rs 2,800 per sq.ft, and several others listed above.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.