Guideline Value for PRABHU NAGAR

Prabhu Nagar guideline value

The current guideline value of Prabhu Nagar in Okkiyamthuraipakkam village is Rs 1,700 per sq.ft, effective from 1 July 2024. This area falls under the Neelankarai SRO and is classified as Residential Class III Type - I.

How the guideline value of Prabhu Nagar has changed

The guideline value for Prabhu Nagar has seen several revisions over the years. In 2003, the value was Rs 266 per sq.ft, which increased significantly to Rs 800 per sq.ft in 2007. The value then rose to Rs 1,500 per sq.ft in 2012, but saw a decrease to Rs 1,005 per sq.ft in 2017. The 2023 revision set the value at Rs 1,500 per sq.ft, and the latest 2024 revision increased it to Rs 1,700 per sq.ft, marking a 13% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 539%. The register has no figure for the year 2002 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Prabhu Nagar's 2024 figure below this median.

• Post Office Road & Street: Rs 4,400 per sq.ft (2024)
• Prime Phase-1: Rs 5,000 per sq.ft (2024)
• Prime Phase-II: Rs 5,500 per sq.ft (2024)
• Ptc Quarters 1st Cross Street: Rs 2,800 per sq.ft (2024)
• Ptc Quarters 1st Main Road: Rs 3,300 per sq.ft (2024)
• Ptc Quarters 2nd Cross Street: Rs 2,800 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 1,700 per sq.ft, the total guideline value would be Rs 17,00,000. The stamp duty at 7% would amount to Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, 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 Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Okkiyamthuraipakkam. It serves as the basis for calculating stamp duty and registration fees, ensuring that both buyers and sellers are aware of the minimum value at which the property can be registered.

When a property is sold, the guideline value helps in determining the legal obligations for both parties involved in the transaction. It is essential to ensure that the sale price is aligned with the guideline value to avoid any legal complications during the registration process.

Frequently asked questions

What is the current guideline value of Prabhu Nagar?

The current guideline value of Prabhu Nagar is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 266 per sq.ft in 2003 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 539% over this period.

What is the median guideline value in Okkiyamthuraipakkam?

The median guideline value in Okkiyamthuraipakkam is Rs 3,300 per sq.ft for the year 2024.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 17,00,000. The stamp duty is Rs 1,19,000, and the registration fee is Rs 34,000, totaling Rs 1,53,000.

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

The Neelankarai Sub Registrar Office covers Prabhu Nagar, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.