Guideline Value for Prabakaran Nagar, Ponniammanmedu (Ward-24)

Prabakaran Nagar, Ponniammanmedu (Ward-24) guideline value

The current guideline value for Prabakaran Nagar, Ponniammanmedu (Ward-24) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under Madhavaram village and is classified as Residential Class III Type - I. The guideline value is crucial for property transactions in this locality.

How the guideline value of Prabakaran Nagar, Ponniammanmedu (Ward-24) has changed

In the 2012 revision, the guideline value was Rs 1,200 per sq.ft. This figure remained unchanged until the 2023 revision, where it still stood at Rs 1,200 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, marking an 8% rise from the previous year. The register has no figures for the revisions in 2002, 2003, 2007, and 2017.

Overall, from the 2012 revision to the 2024 revision, there has been an 8% increase in the guideline value. This change reflects the adjustments made over the years, highlighting the current value of Rs 1,300 per sq.ft as the most recent figure.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Prabakaran Nagar's 2024 figure of Rs 1,300 per sq.ft is below this median.

• Prabhakar Nagar: Rs 1,300 per sq.ft (2024)
• Prabhakar Nagar Extension: Rs 1,300 per sq.ft (2024)
• Prakash Nagar: Rs 2,700 per sq.ft (2024)
• Prakash Nagar 10th Cross St (Ward-23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 10th St, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 11th Cross Street (Ward 23): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Prabakaran Nagar, Ponniammanmedu (Ward-24)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prabakaran Nagar, Ponniammanmedu (Ward-24)?

The Sub Registrar Office that covers Prabakaran Nagar, Ponniammanmedu (Ward-24) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a significant role in property transactions in Madhavaram. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value as per government regulations.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential components of the transaction process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during registration.

Frequently asked questions

What is the current guideline value of Prabakaran Nagar?

The current guideline value of Prabakaran Nagar, Ponniammanmedu (Ward-24) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has increased from Rs 1,200 per sq.ft to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 8% over this period.

What are the other streets with their guideline values in Madhavaram?

Other streets in Madhavaram include Prabhakar Nagar and Prabhakar Nagar Extension, both at Rs 1,300 per sq.ft, and several streets like Prakash Nagar at Rs 2,700 per sq.ft.

What is the stamp duty for property in Prabakaran Nagar?

The stamp duty for property in Prabakaran Nagar is calculated at 7% of the guideline value. For a plot valued at Rs 13,00,000, the stamp duty would be Rs 91,000.

Which office registers property transactions in Prabakaran Nagar?

The Madhavaram Sub Registrar Office is responsible for registering property transactions in Prabakaran Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.