Guideline Value for Prakash Nagar 1st Street

Prakash Nagar 1st Street guideline value

The current guideline value of Prakash Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village, under the Madhavaram SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Prakash Nagar 1st Street has changed

The guideline value for Prakash Nagar 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 2,200 per sq.ft, reflecting a 10% rise from the previous year. Overall, from 2012 to 2024, the value has increased by 10%.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2017 in the register for this street. Therefore, the only significant revisions to consider are from 2012, 2023, and 2024.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft as of 2024. The median guideline value for these streets is Rs 2,700 per sq.ft, placing Prakash Nagar 1st Street's 2024 figure below this median.

• Prakash Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Prakash Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Prakash Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Prakasam Avenue: Rs 2,200 per sq.ft (2024)
• President Krishnan Street: Rs 2,200 per sq.ft (2024)
• Public Well Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Prakash Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty, charged at 7%, would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. In total, the fees would come to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Prakash Nagar 1st Street?

The Sub Registrar Office that covers Prakash Nagar 1st Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kodungaiyur. It is used to determine the applicable stamp duty and registration fees, ensuring that these costs are based on an official value set by the government.

Frequently asked questions

What is the current guideline value of Prakash Nagar 1st Street?

The current guideline value of Prakash Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 2,200 per sq.ft in 2024, marking a 10% increase overall. There was no change in the value from 2012 to 2023.

What is the land classification of Prakash Nagar 1st Street?

The land classification for Prakash Nagar 1st Street is Residential Class II Type - I, indicating its designation for residential purposes.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees amount to Rs 1,98,000.

Where is the Sub Registrar Office for this street located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it covers Prakash Nagar 1st Street.