Guideline Value for PRAVEENA NAGAR

Praveena Nagar guideline value

The current guideline value of Praveena Nagar, located in Nerkundram village under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - I land classification.

How the guideline value of Praveena Nagar has changed

The guideline value for Praveena Nagar has seen several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 90 per sq.ft. This increased to Rs 100 per sq.ft in 2003, marking an increase of 11%. The value then surged to Rs 400 per sq.ft in 2007, reflecting a significant rise of 300%. In 2012, the figure was Rs 2,500 per sq.ft, which was a substantial increase of 525% from the previous revision. However, in 2017, it dropped to Rs 1,675 per sq.ft, a decrease of 33%. Following this, the value rose to Rs 2,500 per sq.ft in 2023, and then to Rs 2,750 per sq.ft in the 2024 revision, which is an increase of 10% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 2,956%. The register has no figures for any other years for this street.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Praveena Nagar's 2024 figure above this median.

• Poonthamalli Road Mogappair Road: Rs 5,500 per sq.ft (2024)
• Poonamalle High Road: Rs 5,500 per sq.ft (2024)
• PIDARI SELLIAMMAN KOIL Street: Rs 2,200 per sq.ft (2024)
• Perumal Koil Street: Rs 1,650 per sq.ft (2024)
• Rajeev Gandhi Nagar: Rs 3,450 per sq.ft (2024)
• RAJEEV GANDHI NAGAR 1st Cross Street (271,272,278): Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Praveena Nagar

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Praveena Nagar?

The Praveena Nagar area falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property in Nerkundram. It serves as the minimum value for property transactions, ensuring that the property is registered at a fair value as determined by the state authorities.

When buyers and sellers agree on a sale price, the guideline value is used to calculate the stamp duty and registration fees. These fees are based on the higher of the guideline value or the sale price, ensuring that the registration reflects the appropriate value of the property.

Frequently asked questions

What is the current guideline value of Praveena Nagar?

The current guideline value of Praveena Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 90 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 2,956% over this period.

What are the stamp duty rates for properties in Praveena Nagar?

The stamp duty for properties in Praveena Nagar is charged at 7% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office covering Praveena Nagar is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Praveena Nagar?

Praveena Nagar is classified as Residential Class III Type - I, which indicates its designation for residential use.