Guideline Value for Prakash Nagar 5th Street (Ward-23)

Prakash Nagar 5th Street (Ward-23) guideline value

The current guideline value of Prakash Nagar 5th Street (Ward-23) is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, and the land classification is Residential Special Type - I.

How the guideline value of Prakash Nagar 5th Street (Ward-23) has changed

The guideline value for Prakash Nagar 5th Street (Ward-23) has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,700 per sq.ft, which represents a significant increase of 61% from the 2017 revision of Rs 1,675 per sq.ft. The 2012 revision had set the value at Rs 2,500 per sq.ft, marking a decrease of 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has increased by 8%.

It is important to note that there are no figures available for the years 2023, 2007, 2003, and 2002 for this street in the register.

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. The median value for these streets is Rs 1,600 per sq.ft, making the 2024 figure for Prakash Nagar 5th Street (Ward-23) above the median.

• Prakash Nagar 5th Cross Street (Ward 23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 6th Cross Street (Ward 23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 6th St,Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 4th St, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 7th Cross Street (Ward 23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 4th Main Road (Ward 23): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Prakash Nagar 5th 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 would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost to Rs 2,43,000. It is important to note that the 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 more details.

Which Sub Registrar Office covers Prakash Nagar 5th Street (Ward-23)?

The Sub Registrar Office that covers Prakash Nagar 5th 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a reference point for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the stamp duty. This ensures that the government receives the appropriate fees based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Prakash Nagar 5th Street (Ward-23)?

The current guideline value of Prakash Nagar 5th 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 2012 to Rs 1,675 per sq.ft in 2017, and then to Rs 2,700 per sq.ft in 2024. This represents a 61% increase from 2017 to 2024 and an overall increase of 8% from 2012 to 2024.

What is the land classification of Prakash Nagar 5th Street (Ward-23)?

The land classification for Prakash Nagar 5th Street (Ward-23) is Residential Special Type - I. This classification indicates the intended use of the land for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

What is the range of guideline values for streets in Madhavaram?

The guideline values for streets in Madhavaram range from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Prakash Nagar 5th Street (Ward-23) is above this median at Rs 2,700 per sq.ft.