Guideline Value for PRABHU NAGAR 3RD STREET

Prabhu Nagar 3rd Street guideline value

The current guideline value of Prabhu Nagar 3rd Street is Rs 1,110 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village, under the Chennai South Joint I SRO, and falls under the Residential Class IV Type - III land classification.

How the guideline value of Prabhu Nagar 3rd Street has changed

The guideline value for Prabhu Nagar 3rd Street has undergone several revisions over the years. The oldest recorded revision is from 2012, which set the guideline value at Rs 1,000 per sq.ft. This was followed by a decrease to Rs 670 per sq.ft in the 2017 revision. The 2023 revision saw an increase to Rs 1,000 per sq.ft, and the latest revision in 2024 raised it further to Rs 1,110 per sq.ft, marking an increase of 11% from the previous year.

Between 2012 and 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 11%. It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Pallikaranai

Pallikaranai village 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 as of 2024. The median guideline value for these streets is Rs 1,650 per sq.ft, which means that the 2024 guideline value for Prabhu Nagar 3rd Street is below this median.

• Prabhu Nagar 2nd Street: Rs 1,110 per sq.ft (2024)
• Prabhu Nagar Anexe: Rs 1,320 per sq.ft (2024)
• Prabhu Nagar: 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,110 per sq.ft, the total guideline value amounts to Rs 11,10,000. The stamp duty is charged at 7%, which totals Rs 77,700, while the registration fee is 2%, amounting to Rs 22,200. Therefore, the total cost for stamp duty and registration fees would be Rs 99,900. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Prabhu Nagar 3rd Street?

The Sub Registrar Office that covers Prabhu Nagar 3rd 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 in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for completing the transaction. Buyers and sellers must be aware of these values to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Prabhu Nagar 3rd Street?

The current guideline value of Prabhu Nagar 3rd 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 has changed from Rs 1,000 per sq.ft in 2023 to Rs 1,110 per sq.ft in 2024, marking an increase of 11%. It was Rs 670 per sq.ft in 2017, which was a significant increase from the previous value.

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

Other streets in Pallikaranai include Prabhu Nagar 2nd Street at Rs 1,110 per sq.ft, Prabhu Nagar Anexe at Rs 1,320 per sq.ft, and several others, all of which have varying guideline values.

Where can I find the Sub Registrar Office for Prabhu Nagar 3rd Street?

The Sub Registrar Office for Prabhu Nagar 3rd Street is 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 3rd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 11,10,000, the stamp duty would be Rs 77,700 at a rate of 7%.