Guideline Value for Prabhakar Nagar

Prabhakar Nagar guideline value

The current guideline value of Prabhakar Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Prabhakar Nagar has changed

In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. This figure remained unchanged until the 2023 revision, which also recorded 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.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The register has no figure for this street in the revisions for the years 2002, 2003, 2007, and 2017.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft as of 2024. The median guideline value in this area is Rs 1,600 per sq.ft, placing Prabhakar Nagar's 2024 figure below the median.

• Prabhakar Nagar Extension: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling 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?

The Sub Registrar Office covering Prabhakar Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Madhavaram. It serves as the basis for calculating stamp duty and registration fees during the buying or selling process.

When you register a property, the guideline value is used to determine the amount of tax payable. It is essential to be aware of the current guideline value to ensure compliance with local regulations and to avoid any unexpected costs during the transaction.

Frequently asked questions

What is the current guideline value of Prabhakar Nagar?

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

How has the guideline value changed over the years?

The guideline value changed from Rs 1,200 per sq.ft in 2012 to Rs 1,200 per sq.ft in 2023, and then increased to Rs 1,300 per sq.ft in 2024. Overall, there has been an 8% increase from 2012 to 2024.

What is the land classification of Prabhakar Nagar?

Prabhakar Nagar is classified as Residential Class III Type - I. This classification is important for understanding the permissible uses of the land.

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

The Sub Registrar Office for Prabhakar Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated based on guideline value?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property with a guideline value of Rs 13,00,000, the stamp duty would be calculated at 7% of that amount.