Guideline Value for PRAKALYA NAGAR

Prakalya Nagar guideline value

The current guideline value of Prakalya Nagar, located in Sundaracholavaram village under the Kunrathur SRO, is Rs 1,065 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Type - II.

How the guideline value of Prakalya Nagar has changed

The guideline value for Prakalya Nagar has seen several revisions over the years. In 2012, the value was set at Rs 700 per sq.ft, which decreased to Rs 469 per sq.ft in 2017. However, this figure saw a significant increase to Rs 971 per sq.ft in 2023, and further increased to Rs 1,065 per sq.ft in the 2024 revision, marking a 10% rise from the previous year.

From 2012 to 2024, the overall change in the guideline value is +52%. The value rose by 107% from 2017 to 2023, while there was a decrease of 33% from 2012 to 2017. The register does not provide figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Sundaracholavaram

In Sundaracholavaram, there are 57 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 4,600 per sq.ft, with a median value of Rs 660 per sq.ft. The guideline value for Prakalya Nagar is above this median.

• Pumproom street Left&Right: Rs 660 per sq.ft (2024)
• Pumpset Street: Rs 550 per sq.ft (2024)
• Ram Nagar: Rs 660 per sq.ft (2024)
• Ondi Kudisai Street: Rs 660 per sq.ft (2024)
• Sakthi Nagar: Rs 660 per sq.ft (2024)
• Sakthi Nagar Annuxe: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Prakalya Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,065 per sq.ft, the total guideline value would be Rs 10,65,000. The stamp duty at 7% would amount to Rs 74,550, and the registration fee at 2% would be Rs 21,300, bringing the total to Rs 95,850. It is important to note that the 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 Prakalya Nagar?

The Sub Registrar Office that covers Prakalya Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069, within the Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Sundaracholavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Prakalya Nagar?

The current guideline value of Prakalya Nagar is Rs 1,065 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2012 to Rs 469 per sq.ft in 2017, then increased to Rs 971 per sq.ft in 2023, and finally to Rs 1,065 per sq.ft in 2024.

What is the overall change in guideline value from 2012 to 2024?

The overall change in the guideline value from 2012 to 2024 is an increase of 52%.

Where can I find the registration office for Prakalya Nagar?

The registration office for Prakalya Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties in Prakalya Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 74,550.