Guideline Value for South Pragaram Street

South Pragaram Street guideline value

The current guideline value of South Pragaram Street is Rs 3,400 per sq.ft, effective from 1 July 2024. This street is located in Satthankadu village under the Thiruvottiyur SRO, classified as Residential Special Type - III.

How the guideline value of South Pragaram Street has changed

The guideline value for South Pragaram Street has undergone several revisions over the years. In 2007, the value was set at Rs 800 per sq.ft, which increased significantly to Rs 3,100 per sq.ft in 2012, marking a rise of 288%. However, this value decreased to Rs 2,077 per sq.ft in 2017, a drop of 33%. The 2023 revision saw the value rise again to Rs 3,100 per sq.ft, and the most recent 2024 revision has set it at Rs 3,400 per sq.ft, reflecting a 10% increase from the previous year.

Notably, the register has no figures for the years 2002 and 2003 concerning this street. Overall, from 2007 to 2024, the guideline value has increased by 325%.

Guideline values in Satthankadu

In Satthankadu village, there are 71 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 3,400 per sq.ft, which is equal to the current value of South Pragaram Street.

• South Lane: Rs 3,400 per sq.ft (2024)
• South kinaru street: Rs 3,400 per sq.ft (2024)
• Seshachala Gramani Street: Rs 3,400 per sq.ft (2024)
• Srnivasa Nagar: Rs 3,400 per sq.ft (2024)
• Sathuma Nagar(Othavadai): Rs 3,400 per sq.ft (2024)
• Sathangadu High Road (Corner Plots): Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in South Pragaram Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,400 per sq.ft, the total guideline value amounts to Rs 34,00,000. The stamp duty, charged at 7%, would be Rs 2,38,000, while the registration fee at 2% would be Rs 68,000. Together, the total cost for stamp duty and registration fee would be Rs 3,06,000. 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 detailed calculations.

Which Sub Registrar Office covers South Pragaram Street?

The Sub Registrar Office that covers South Pragaram Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Satthankadu. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the state receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of South Pragaram Street?

The current guideline value of South Pragaram Street is Rs 3,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 800 per sq.ft in 2007 to Rs 3,400 per sq.ft in 2024, reflecting an overall increase of 325% over this period.

What is the land classification of South Pragaram Street?

South Pragaram Street is classified as Residential Special Type - III under the Thiruvottiyur SRO.

Where can I find the registration office for South Pragaram Street?

The registration office for South Pragaram Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in South Pragaram Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 34,00,000 would incur a stamp duty of Rs 2,38,000.