Guideline Value for Prabha Nagar

Prabha Nagar guideline value

The current guideline value of Prabha Nagar is Rs 1,760 per sq.ft, effective from 1 July 2024. This area is located in Mudichur village and falls under the Padappai SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Prabha Nagar has changed

The guideline value for Prabha Nagar has undergone several revisions over the years. The earliest recorded figure is from 2007, where the guideline value was Rs 150 per sq.ft. This figure saw a significant increase to Rs 1,600 per sq.ft in 2012, marking a 967% rise. However, in 2017, the value dropped to Rs 1,072 per sq.ft, reflecting a decrease of 33%. The guideline value then increased to Rs 1,600 per sq.ft in 2023, followed by a further rise to the current value of Rs 1,760 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 1,073%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Mudichur

Mudichur has a total of 135 streets under the Padappai SRO that have a guideline value for 2024 ranging from Rs 880 to Rs 4,000 per sq.ft, with a median value of Rs 2,200 per sq.ft. Prabha Nagar's 2024 guideline value is below this median.

• Poonga Street: Rs 2,200 per sq.ft (2024)
• Ponnan Nagar: Rs 1,210 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 1,210 per sq.ft (2024)
• Perumal Nagar: Rs 1,760 per sq.ft (2024)
• Rajarajan Street: Rs 3,630 per sq.ft (2024)
• Parvathy Nagar: Rs 1,760 per sq.ft (2024)

Stamp duty and registration fee for property in Prabha Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,760 per sq.ft, the total guideline value is Rs 17,60,000. The stamp duty at 7% would be Rs 1,23,200, and the registration fee at 2% would be Rs 35,200, making the total fees Rs 1,58,400. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prabha Nagar?

The Sub Registrar Office that covers Prabha Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Mudichur. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees. This ensures that the fees are calculated based on a standardized value set by the government.

It is essential for buyers and sellers to be aware of the guideline value as it affects the overall cost of property transactions. Knowing the current guideline value helps in understanding the financial implications of buying or selling property in the region.

Frequently asked questions

What is the current guideline value of Prabha Nagar?

The current guideline value of Prabha Nagar is Rs 1,760 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 150 per sq.ft in 2007 to Rs 1,760 per sq.ft in 2024, marking an overall increase of 1,073% over the years.

What are the stamp duty and registration fees for properties in Prabha Nagar?

For a property valued at Rs 17,60,000, the stamp duty is Rs 1,23,200 and the registration fee is Rs 35,200, totaling Rs 1,58,400.

Which Sub Registrar Office covers Prabha Nagar?

Prabha Nagar is covered by the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the land classification for Prabha Nagar?

The land classification for Prabha Nagar is Residential Class I Type - I, which indicates its suitability for residential development.