Guideline Value for P.R.V. Nagar

P.R.V. Nagar guideline value

The current guideline value of P.R.V. Nagar, located in Nandhivaram village under the Gooduvancheri SRO, is Rs 1,000 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.V. Nagar has changed

The guideline value of P.R.V. Nagar has undergone several revisions over the years. In 2002, the value was set at Rs 88 per sq.ft, which increased significantly to Rs 328 per sq.ft in 2007. Following this, the 2012 revision saw a rise to Rs 1,000 per sq.ft, marking an increase of 205% from the previous revision. However, in 2017, the value dropped to Rs 670 per sq.ft, reflecting a decrease of 33%. The 2023 revision maintained the value at Rs 1,000 per sq.ft, and the current 2024 revision also holds it at Rs 1,000 per sq.ft, indicating no change between these two years.

Overall, from 2002 to 2024, the guideline value has increased by 1,036%. Notably, the register has no figure for the year 2003 for this street, meaning no data is available for that particular revision.

Guideline values in Nandhivaram

Nandhivaram village has a total of 169 streets under the Gooduvancheri SRO, with 2024 guideline values ranging from Rs 1,000 to Rs 3,500 per sq.ft. The median guideline value for these streets is Rs 1,500 per sq.ft, placing P.R.V. Nagar's current value below this median.

• Priya Nagar: Rs 1,500 per sq.ft (2024)
• Prabhu Avenue: Rs 1,200 per sq.ft (2024)
• Radhakrishnan Nagar: Rs 1,200 per sq.ft (2024)
• Radha Nagar (212/2): Rs 2,000 per sq.ft (2024)
• Radha Nagar (Near G.S.T Road): Rs 3,500 per sq.ft (2024)
• Pillaiyar Kovil Street: Rs 1,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value would be Rs 10,00,000. The stamp duty at 7% would amount to Rs 70,000, and the registration fee at 2% would be Rs 20,000, making the total cost for these fees Rs 90,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers P.R.V. Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

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

When buying or selling property, the guideline value is considered alongside the sale price. The duty is charged on whichever amount is higher, thus providing a fair basis for taxation during the registration process.

Frequently asked questions

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

The current guideline value of P.R.V. Nagar is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 88 per sq.ft in 2002 to Rs 1,000 per sq.ft in 2024, with various fluctuations in between, including a drop to Rs 670 per sq.ft in 2017.

What is the median guideline value for streets in Nandhivaram?

The median guideline value for the 169 streets in Nandhivaram under the Gooduvancheri SRO is Rs 1,500 per sq.ft, which is higher than the current value of P.R.V. Nagar.

What are the stamp duty and registration fees for property in P.R.V. Nagar?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total fees would amount to Rs 90,000.

Which office handles the registration for P.R.V. Nagar?

The Gooduvancheri Sub Registrar Office handles the registration for P.R.V. Nagar, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone.