Guideline Value for Prakash Nagar 2nd Street

Prakash Nagar 2nd Street guideline value

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

How the guideline value of Prakash Nagar 2nd Street has changed

The guideline value for Prakash Nagar 2nd Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which remained unchanged until the 2023 revision. In 2023, the value was again Rs 2,000 per sq.ft, but with the 2024 revision, it increased to Rs 2,200 per sq.ft, marking a 10% rise from the previous year.

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. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 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. The median guideline value in this area is Rs 2,700 per sq.ft, indicating that the 2024 guideline value for Prakash Nagar 2nd Street is below the median.

• Prakash Nagar 1st 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 2nd Street

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

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Prakash Nagar 2nd Street?

The Sub Registrar Office that covers Prakash Nagar 2nd 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 is a crucial factor in the registration process when buying or selling property in Kodungaiyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Prakash Nagar 2nd Street?

The current guideline value of Prakash Nagar 2nd 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, reflecting a 10% increase. The value remained unchanged at Rs 2,000 per sq.ft from 2012 to 2023.

What are the guideline values for other streets in Kodungaiyur?

The guideline values for other streets in Kodungaiyur range from Rs 1,900 to Rs 4,000 per sq.ft, with the median being Rs 2,700 per sq.ft. Prakash Nagar 2nd Street's value is below this median.

What fees are associated with buying property in Prakash Nagar 2nd Street?

The fees associated with buying property include stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur total fees of Rs 1,98,000.

Where is the Sub Registrar Office for Prakash Nagar 2nd Street?

The Sub Registrar Office for Prakash Nagar 2nd Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.