Guideline Value for Prabhakar Nagar Extension

Prabhakar Nagar Extension guideline value

The current guideline value of Prabhakar Nagar Extension in Madhavaram village, under the Madhavaram SRO, is Rs 1,300 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 Prabhakar Nagar Extension has changed

The guideline value for Prabhakar Nagar Extension has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which remained unchanged until the 2023 revision, where it was again Rs 1,200 per sq.ft. In 2024, the guideline value increased to Rs 1,300 per sq.ft, marking an 8% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, placing Prabhakar Nagar Extension's 2024 figure below that median.

• Prabhakar Nagar: Rs 1,300 per sq.ft (2024)
• Prabakaran Nagar, Ponniammanmedu (Ward-24): 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 Prabhakar Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total 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. 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 Prabhakar Nagar Extension?

The Prabhakar Nagar Extension area is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Madhavaram. It determines the minimum value at which a property can be sold and is used to calculate the stamp duty and registration fees applicable to the transaction.

When buying or selling property, the guideline value ensures that the transaction is registered at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Prabhakar Nagar Extension?

The current guideline value of Prabhakar Nagar Extension is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 8% from 2012 to 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Which Sub Registrar Office handles registrations for Prabhakar Nagar Extension?

The Madhavaram Sub Registrar Office handles registrations for Prabhakar Nagar Extension, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

Are there other streets with different guideline values in Madhavaram?

Yes, there are several other streets in Madhavaram with varying guideline values. For instance, Prakash Nagar has a guideline value of Rs 2,700 per sq.ft, while Prabhakar Nagar and Prabakaran Nagar, Ponniammanmedu both have a value of Rs 1,300 per sq.ft.