Guideline Value for METRO PRASANA GARDEN PHASE -II

Metro Prasana Garden Phase -II guideline value

The current guideline value for Metro Prasana Garden Phase -II is Rs 500 per sq.ft. This property is located in Karunilam village, under the Chengleput Joint II SRO, and is classified as Residential Class I Type - I.

How the guideline value of Metro Prasana Garden Phase -II has changed

The guideline value for Metro Prasana Garden Phase -II has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 500 per sq.ft. In 2017, the value decreased to Rs 335 per sq.ft, marking a 33% drop. However, by 2023, the value returned to Rs 500 per sq.ft, and in the 2024 revision, it remained unchanged at Rs 500 per sq.ft, reflecting a 0% change from the previous year.

From 2017 to 2023, there was a significant increase of 49%, bringing the value back to Rs 500 per sq.ft. Notably, there are no registered figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Karunilam

In Karunilam, there are 35 streets under the Chengleput Joint II SRO that have a 2024 guideline value ranging from Rs 400 to Rs 1,200 per sq.ft, with a median value of Rs 501 per sq.ft. The guideline value for Metro Prasana Garden Phase -II is below this median.

• Metro Prasana Garden House Site Scheme: Rs 700 per sq.ft (2024)
• Metro Elite Home: Rs 700 per sq.ft (2024)
• Mgm Nagar: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - V: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - IV: Rs 700 per sq.ft (2024)
• Mahalakshmi Nagar Phase - III: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Metro Prasana Garden Phase -II

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value would be Rs 5,00,000. The stamp duty at 7% would amount to Rs 35,000, and the registration fee at 2% would be Rs 10,000, leading to a total of Rs 45,000. 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 further calculations.

Which Sub Registrar Office covers Metro Prasana Garden Phase -II?

The Sub Registrar Office that covers Metro Prasana Garden Phase -II is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of properties in Karunilam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty, which is charged on the higher of the guideline value or the sale price. 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 for Metro Prasana Garden Phase -II?

The current guideline value for Metro Prasana Garden Phase -II is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent revision in 2024 maintaining the value at Rs 500 per sq.ft, the same as in 2023. The value increased by 49% from Rs 335 per sq.ft in 2017 to Rs 500 per sq.ft in 2023.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 5,00,000, the stamp duty would be Rs 35,000 and the registration fee would be Rs 10,000, totaling Rs 45,000. This is calculated based on the current guideline value.

Which office handles property registrations in Karunilam?

The Chengleput Joint II Sub Registrar Office is responsible for property registrations in Karunilam, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

What is the significance of the guideline value when buying property?

The guideline value is significant as it determines the minimum price at which a property can be registered. It is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.