Guideline Value for PRABHU NAGAR 2ND STREET

Prabhu Nagar 2nd Street guideline value

The current guideline value of Prabhu Nagar 2nd Street is Rs 1,110 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - III.

How the guideline value of Prabhu Nagar 2nd Street has changed

In the 2012 revision, the guideline value for Prabhu Nagar 2nd Street was Rs 1,000 per sq.ft. This figure remained unchanged in the 2023 revision, where it was still Rs 1,000 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 1,110 per sq.ft, reflecting a change of +11% from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has seen an increase of +11%. It is important to note that the register does not have figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, placing Prabhu Nagar 2nd Street's 2024 figure below that median.

• Prabhu Nagar 3rd Street: Rs 1,110 per sq.ft (2024)
• Prabhu Nagar: Rs 1,320 per sq.ft (2024)
• Prabhu Nagar Anexe: Rs 1,320 per sq.ft (2024)
• Pudhuthangal Iyyapan Street: Rs 1,320 per sq.ft (2024)
• Pudhuthangal Muvendhar Street: Rs 1,320 per sq.ft (2024)
• Pugalendhi Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Prabhu Nagar 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 1,110 per sq.ft, the guideline value amounts to Rs 11,10,000. The stamp duty at 7% would be Rs 77,700, and the registration fee at 2% would be Rs 22,200, bringing the total to Rs 99,900. Duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Prabhu Nagar 2nd Street?

The Sub Registrar Office that covers Prabhu Nagar 2nd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both the buyer and seller are aware of the costs involved in the transaction, making the process smoother and more straightforward.

Frequently asked questions

What is the current guideline value of Prabhu Nagar 2nd Street?

The current guideline value of Prabhu Nagar 2nd Street is Rs 1,110 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Prabhu Nagar 2nd Street was Rs 1,000 per sq.ft in 2012 and remained the same in 2023. It increased to Rs 1,110 per sq.ft in 2024, marking an overall increase of +11% from 2012 to 2024.

What are the other streets in Pallikaranai with their guideline values?

Other streets in Pallikaranai include Prabhu Nagar 3rd Street at Rs 1,110 per sq.ft, Prabhu Nagar and Prabhu Nagar Anexe at Rs 1,320 per sq.ft, and several others also at Rs 1,320 per sq.ft in 2024.

What is the registration office for Prabhu Nagar 2nd Street?

The registration office for Prabhu Nagar 2nd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Prabhu Nagar 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,110 per sq.ft would have a total guideline value of Rs 11,10,000, leading to a stamp duty of Rs 77,700 at 7%.