Guideline Value for P.R.S. NAGAR

P.R.S. Nagar guideline value

The current guideline value of P.R.S. Nagar, located in Palavakkam village under the Neelankarai SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of P.R.S. Nagar has changed

The guideline value for P.R.S. Nagar has seen several revisions over the years. In 2002, the value was Rs 409 per sq.ft, which increased to Rs 457 per sq.ft in 2003. Following that, the value rose significantly to Rs 1,000 per sq.ft in 2007, and then to Rs 3,500 per sq.ft in 2012. However, it dropped to Rs 2,345 per sq.ft in 2017 before increasing to Rs 3,500 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 3,900 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%, while from 2023 to 2024, it rose by 11%. The overall increase from 2002 to 2024 is 854%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing P.R.S. Nagar's 2024 figure above this median.

• Pushpa Avenue: Rs 3,300 per sq.ft (2024)
• Poonga 3nd Street: Rs 1,700 per sq.ft (2024)
• Poonga 2nd Street: Rs 1,700 per sq.ft (2024)
• Poonga 1st Street: Rs 1,700 per sq.ft (2024)
• Quaid Milleth 1st Street: Rs 2,800 per sq.ft (2024)
• Quaid Milleth 2nd Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in P.R.S. Nagar

For a 1,000 sq.ft plot at the current rate of Rs 3,900 per sq.ft, the guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total fees to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers P.R.S. Nagar?

The Sub Registrar Office that covers P.R.S. Nagar 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 more information, you can find your SRO.

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

The guideline value is a critical factor in property transactions in Palavakkam. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees, which are mandatory costs that must be paid during the registration process.

Additionally, the guideline value helps in establishing a baseline for property transactions, ensuring that the sale price is reflective of the property's worth according to government assessments.

Frequently asked questions

What is the current guideline value of P.R.S. Nagar?

The current guideline value of P.R.S. Nagar is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 409 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting a substantial overall increase of 854% over the years.

What is the role of the Neelankarai SRO?

The Neelankarai SRO is responsible for the registration of properties in the area, including P.R.S. Nagar. It handles all transactions related to property sales and the collection of stamp duty and registration fees.

What are the stamp duty and registration fees for properties in P.R.S. Nagar?

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Where can I find more information about guideline values in Palavakkam?

Information about guideline values in Palavakkam can be found at the Neelankarai SRO or through the Registration Department's guideline value register.