Guideline Value for PREM NAGAR COLONY

Prem Nagar Colony guideline value

The current guideline value of Prem Nagar Colony, located in Tnagar village under the Thiyagaraya nagar SRO, is Rs 6,600 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Prem Nagar Colony has changed

The guideline value for Prem Nagar Colony has seen several revisions over the years. The 2012 revision set the value at Rs 6,000 per sq.ft, which then decreased to Rs 4,020 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 6,000 per sq.ft, marking a 49% rise. The most recent revision in 2024 has further increased the guideline value to Rs 6,600 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 27,500 per sq.ft, with a median value of Rs 11,000 per sq.ft. The guideline value of Prem Nagar Colony is below this median.

• Prakasa Mudali Street: Rs 8,300 per sq.ft (2024)
• Prakasam Road: Rs 13,200 per sq.ft (2024)
• Prakasam Ist Street: Rs 8,300 per sq.ft (2024)
• Prakasam Ist Lane: Rs 6,600 per sq.ft (2024)
• Pudu Street: Rs 5,500 per sq.ft (2024)
• Porur Somasundaram Street: Rs 8,300 per sq.ft (2024)

Stamp duty and registration fee for property in Prem Nagar Colony

For a 1,000 sq.ft plot at the current rate of Rs 6,600 per sq.ft, the guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000. Together, the total cost for these fees would be Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Prem Nagar Colony?

The Sub Registrar Office that covers Prem Nagar Colony is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Tnagar. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When registering a property, the guideline value is used to calculate the applicable fees, ensuring that both buyers and sellers are aware of the financial obligations involved in the property transaction.

Frequently asked questions

What is the current guideline value of Prem Nagar Colony?

The current guideline value of Prem Nagar Colony is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 6,000 per sq.ft in 2012 to Rs 4,020 per sq.ft in 2017, then increased to Rs 6,000 per sq.ft in 2023, and finally to Rs 6,600 per sq.ft in 2024.

What is the land classification of Prem Nagar Colony?

Prem Nagar Colony is classified as Residential Class III Type - I.

Where can I find the Thiyagaraya nagar Sub Registrar Office?

The Thiyagaraya nagar Sub Registrar Office is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.

How do I calculate stamp duty and registration fees?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 6,600 per sq.ft, the total guideline value is Rs 66,00,000, leading to specific fees based on that value.