Guideline Value for PRAKASH NAGAR

Prakash Nagar guideline value

The current guideline value of Prakash Nagar is Rs 250 per sq.ft, effective from 1 July 2024. This street is located in Thervali village, under the Gummidipoondi SRO, and is classified as Residential Special Type - III.

How the guideline value of Prakash Nagar has changed

The guideline value for Prakash Nagar has undergone several revisions over the years. The most recent revision, effective from 1 July 2024, sets the guideline value at Rs 250 per sq.ft, which reflects an increase of 7% from the previous year's figure of Rs 234 per sq.ft, effective from 1 July 2023. Prior to the 2023 revision, there are no figures available for the years 2017, 2012, 2007, 2003, and 2002 in the register for this street.

In summary, the guideline value has increased from Rs 234 per sq.ft in 2023 to Rs 250 per sq.ft in 2024. The register does not provide any figures for the years 2017, 2012, 2007, 2003, and 2002 for Prakash Nagar, indicating that there were no recorded changes during those years.

Guideline values in Thervali

Within Thervali village, there are four streets under the Gummidipoondi SRO that carry a 2024 guideline value. The values range from Rs 250 to Rs 440 per sq.ft, with a median value of Rs 380 per sq.ft. Prakash Nagar's current guideline value of Rs 250 per sq.ft is below this median.

• Raja Nagar: Rs 440 per sq.ft (2024)
• Iswaryam Gaden: Rs 380 per sq.ft (2024)
• Aadhithya Garden Part II: Rs 380 per sq.ft (2024)

Stamp duty and registration fee for property in Prakash Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value amounts to Rs 2,50,000. The stamp duty at 7% would be Rs 17,500, and the registration fee at 2% would be Rs 5,000. Together, these charges would amount to Rs 22,500. It is important to note that the 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 Prakash Nagar?

The Sub Registrar Office that covers Prakash Nagar is the Gummidipoondi Sub Registrar Office, located at No.9, Grc Complex, G.n.t.road, Gummidipoondi-601201, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Thervali. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the property transfer.

When registering a property, the guideline value is compared with the actual sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees. 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 Prakash Nagar?

The current guideline value of Prakash Nagar is Rs 250 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased by 7% from Rs 234 per sq.ft in 2023 to Rs 250 per sq.ft in 2024.

What is the classification of land in Prakash Nagar?

Prakash Nagar is classified as Residential Special Type - III according to the land classification system.

Where is the Gummidipoondi Sub Registrar Office located?

The Gummidipoondi Sub Registrar Office is located at No.9, Grc Complex, G.n.t.road, Gummidipoondi-601201, Chennai registration zone.

How is the stamp duty calculated for properties in Prakash Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 2,50,000, the stamp duty would be Rs 17,500 at a rate of 7%.