Guideline Value for Pragalathan Street, Shankar Nagar

Pragalathan Street, Shankar Nagar guideline value

The current guideline value of Pragalathan Street, Shankar Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Pammal village and falls under the Pammal Sub Registrar Office (SRO). The land classification for this area is Commercial Class I Type - II.

How the guideline value of Pragalathan Street, Shankar Nagar has changed

There have been several revisions to the guideline value of Pragalathan Street over the years. The register has no figure for this street in 2002, 2003, 2007, 2012, and 2017. The most recent figures are from the 2023 revision, which set the guideline value at Rs 2,500 per sq.ft, and the 2024 revision, which increased it to Rs 2,750 per sq.ft, marking a change of +10% from the previous year.

Prior to the 2023 revision, the guideline value for this street was not available in the register. The 2024 figure of Rs 2,750 per sq.ft is notable as it is above the median guideline value for Pammal, which is Rs 2,090 per sq.ft.

Guideline values in Pammal

Pammal has a total of 926 streets under the Pammal SRO, with guideline values ranging from Rs 880 to Rs 3,300 per sq.ft. The 2024 guideline value of Pragalathan Street is higher than the median value for the area.

• Pragalathan Street /VOC Nagar: Rs 2,750 per sq.ft (2024)
• Prabhu Street: Rs 1,760 per sq.ft (2024)
• Prabhudas Street / Pasumpon Nagar: Rs 1,980 per sq.ft (2024)
• Prabhakaran Street / Hindustan Lever Colony: Rs 2,530 per sq.ft (2024)
• Pozhichallur Main Road, Pasumpon Nagar: Rs 2,750 per sq.ft (2024)
• Prashanthi Nagar: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Pragalathan Street, Shankar Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pragalathan Street, Shankar Nagar?

The Sub Registrar Office that covers Pragalathan Street, Shankar Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Pammal. It serves as the basis for calculating the stamp duty and registration fees, ensuring that these costs are aligned with the official value of the property.

When a property is sold, the guideline value helps in determining the minimum sale price for registration purposes. This ensures transparency in property transactions and helps in maintaining a standard for property valuations in the region.

Frequently asked questions

What is the current guideline value of Pragalathan Street, Shankar Nagar?

The current guideline value of Pragalathan Street, Shankar Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the revisions in the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Pammal?

The median guideline value in Pammal is Rs 2,090 per sq.ft. The guideline value for Pragalathan Street is above this median, indicating a relatively higher valuation.

What are the stamp duty and registration fees for properties in Pragalathan Street?

The stamp duty for a property valued at Rs 27,50,000 would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Pragalathan Street located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. This office handles the registration of properties in the area.