Guideline Value for Prakasam Nagar

Prakasam Nagar guideline value

The current guideline value of Prakasam Nagar, located in Madipakkam-1 village under the Velacheri SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - II.

How the guideline value of Prakasam Nagar has changed

In the 2023 revision, the guideline value was set at Rs 1,500 per sq.ft. The latest revision in 2024 has increased this value to Rs 1,650 per sq.ft, marking a change of +10%. Prior to 2023, the register has no figure for the years 2017, 2012, 2007, 2003, and 2002 for this street.

Thus, the only available revisions for Prakasam Nagar are from 2023 and 2024. The increase from 2023 to 2024 reflects a notable adjustment in the guideline value, which is essential for property transactions in the area.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, indicating that Prakasam Nagar's 2024 figure is below this median.

• Prema Nagar: Rs 1,650 per sq.ft (2024)
• Ponnuswami Avenue: Rs 1,650 per sq.ft (2024)
• Ponnurangam Street: Rs 2,750 per sq.ft (2024)
• Ponnurangam Cross Street: Rs 2,750 per sq.ft (2024)
• Ponniamman Nagar: Rs 2,200 per sq.ft (2024)
• Ponni Amman Koil Street, Nethaji Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Prakasam Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. 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 Prakasam Nagar?

Prakasam Nagar falls under the Velacheri Sub Registrar Office located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role in property transactions in Madipakkam-1 as it determines the minimum value at which a property can be registered. This value is essential for calculating stamp duty and registration fees during the sale or purchase of property.

When buying or selling a property, the guideline value ensures transparency and fairness in the registration process. It is advisable for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Prakasam Nagar?

The current guideline value of Prakasam Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value changed from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft. Prakasam Nagar's 2024 figure is below this median.

How is stamp duty calculated for properties in Prakasam Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 16,50,000 would incur a stamp duty of Rs 1,15,500 at a rate of 7%.

Which office do I need to visit for property registration in Prakasam Nagar?

Property registration for Prakasam Nagar is managed by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.