Guideline Value for Prakadambal Road

Prakadambal Road guideline value

The current guideline value of Prakadambal Road is Rs 8,800 per sq.ft, effective from 1 July 2024. This road is located in Nungambakkam village, under the Chennai Central Joint II SRO, and is classified as Residential Special Type - II.

How the guideline value of Prakadambal Road has changed

The guideline value for Prakadambal Road has undergone several revisions over the years. Starting from the 2007 revision, the value was Rs 4,200 per sq.ft. This increased significantly to Rs 8,000 per sq.ft in 2012, marking a 90% rise. However, in the 2017 revision, the value decreased to Rs 5,360 per sq.ft, reflecting a 33% drop. The subsequent revision in 2023 saw the value rise to Rs 8,000 per sq.ft, followed by a further increase to Rs 8,800 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 110%. Notably, the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value is Rs 8,800 per sq.ft, which is equal to the current guideline value of Prakadambal Road.

• Post Office Road: Rs 7,700 per sq.ft (2024)
• Pushpa Nagar 1st Street: Rs 6,600 per sq.ft (2024)
• Pushpa Nagar 2nd Street: Rs 6,600 per sq.ft (2024)
• Pushpa Nagar 3rd Street: Rs 6,600 per sq.ft (2024)
• Pushpa Nagar Lane: Rs 6,600 per sq.ft (2024)
• Pushpa Nagar Main Road: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Prakadambal Road

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Prakadambal Road?

The Sub Registrar Office covering Prakadambal Road is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of properties in Nungambakkam. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price of the property.

When registering a property, it is essential to refer to the current guideline value to ensure compliance with local regulations. This value helps in maintaining transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Prakadambal Road?

The current guideline value of Prakadambal Road is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 4,200 per sq.ft to Rs 8,800 per sq.ft in 2024, marking an overall increase of 110%.

What is the classification of land on Prakadambal Road?

Prakadambal Road is classified as Residential Special Type - II under the Chennai Central Joint II SRO.

Where can I find the registration office for Prakadambal Road?

The registration office for Prakadambal Road is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is stamp duty calculated for properties on Prakadambal Road?

Stamp duty for properties on Prakadambal Road is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% on the guideline value.