Guideline Value for PRABHU NAGAR

Prabhu Nagar guideline value

The current guideline value of Prabhu Nagar, located in Pallikaranai village, is Rs 1,320 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - II.

How the guideline value of Prabhu Nagar has changed

The guideline value of Prabhu Nagar has seen significant changes over the years. In 2002, the value was Rs 58 per sq.ft, which increased to Rs 100 per sq.ft in 2003, marking a rise of 72%. By 2007, the value jumped to Rs 400 per sq.ft, reflecting a substantial increase of 300%. The 2012 revision maintained the value at Rs 1,200 per sq.ft, and there was no change until the 2023 revision, which also recorded Rs 1,200 per sq.ft.

The most recent revision in 2024 set the guideline value at Rs 1,320 per sq.ft, indicating a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 2,176%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, positioning Prabhu Nagar's 2024 value below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees to Rs 1,18,800. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Prabhu Nagar?

The Sub Registrar Office that covers Prabhu Nagar 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.

For more information, you can find your SRO.

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

The guideline value plays a crucial role during property transactions in Pallikaranai. It is used to determine the stamp duty and registration fees that buyers must pay when registering a property. This ensures that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value is considered the minimum value for registration purposes. If the sale price is higher than the guideline value, the duty is charged based on the sale price instead.

Frequently asked questions

What is the current guideline value of Prabhu Nagar?

The current guideline value of Prabhu Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 58 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, marking an overall increase of 2,176%.

What is the median guideline value in Pallikaranai?

The median guideline value for streets in Pallikaranai is Rs 1,650 per sq.ft, with Prabhu Nagar's value being below this median.

What are the stamp duty and registration fees for property in Prabhu Nagar?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400, and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Which office handles property registrations in Prabhu Nagar?

The Chennai South Joint I Sub Registrar Office handles property registrations for Prabhu Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.