Guideline Value for Prakash Nagar 12th Street (Ward 23)

Prakash Nagar 12th Street (Ward 23) guideline value

The current guideline value of Prakash Nagar 12th Street (Ward 23) is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO, classified as Residential Special Type - I.

How the guideline value of Prakash Nagar 12th Street (Ward 23) has changed

The guideline value for Prakash Nagar 12th Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,700 per sq.ft, which is an increase from the 2023 revision of Rs 2,500 per sq.ft. The change from 2023 to 2024 represents an increase of 8%.

Prior to this, the guideline value remained unchanged at Rs 2,500 per sq.ft from the 2012 revision until 2023. 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 that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median of Rs 1,600 per sq.ft. Prakash Nagar 12th Street's 2024 guideline value of Rs 2,700 per sq.ft is above this median.

• Prakash Nagar 12th St, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 13th St, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 11th St, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 1st Cross Street (Ward 23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 11th Cross Street (Ward 23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 1st Main Road (Ward 23): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Prakash Nagar 12th Street (Ward 23)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prakash Nagar 12th Street (Ward 23)?

The Sub Registrar Office that covers Prakash Nagar 12th Street (Ward 23) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is officially recognized and documented.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations associated with the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Prakash Nagar 12th Street (Ward 23)?

The current guideline value of Prakash Nagar 12th Street (Ward 23) is Rs 2,700 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 2,700 per sq.ft in 2024, reflecting an increase of 8%. There were no changes recorded for the years 2002, 2003, 2007, and 2017 for this street.

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

For a property valued at Rs 27,00,000, the stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, totaling Rs 2,43,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for properties in Madhavaram?

The Madhavaram Sub Registrar Office handles registrations for properties in Madhavaram. It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Prakash Nagar 12th Street?

Prakash Nagar 12th Street is classified as Residential Special Type - I, indicating its designation for residential use within the area.