Guideline Value for Prakash Nagar 6th Cross Street (Ward 23)

Prakash Nagar 6th Cross Street (Ward 23) guideline value

The current guideline value for Prakash Nagar 6th Cross 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 is classified as Residential Special Type - I.

How the guideline value of Prakash Nagar 6th Cross Street (Ward 23) has changed

In the 2012 revision, the guideline value was Rs 2,500 per sq.ft. This figure decreased to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to the 2024 revision, the value increased significantly by 61%, bringing it to the current rate of Rs 2,700 per sq.ft.

The overall change from the 2012 revision to the 2024 revision reflects a modest increase of 8%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2023 for this street.

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, indicating that Prakash Nagar 6th Cross Street's 2024 figure is above this median.

• Prakash Nagar 5th 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 5th Cross Street (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 7th 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)

Stamp duty and registration fee for property in Prakash Nagar 6th Cross 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 cost for these fees 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.

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

Which Sub Registrar Office covers Prakash Nagar 6th Cross Street (Ward 23)?

The Sub Registrar Office that covers Prakash Nagar 6th Cross Street (Ward 23) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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 price at which properties can be registered, ensuring transparency and fairness in property dealings.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs incurred during the transaction. Buyers should be aware of the guideline value to anticipate these expenses accurately.

Frequently asked questions

What is the current guideline value of Prakash Nagar 6th Cross Street (Ward 23)?

The current guideline value of Prakash Nagar 6th Cross 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 increased to Rs 2,700 per sq.ft in 2024. This reflects a decline from 2012 to 2017, followed by a significant increase from 2017 to 2024.

What is the land classification of Prakash Nagar 6th Cross Street (Ward 23)?

The land classification for Prakash Nagar 6th Cross Street (Ward 23) is Residential Special Type - I, indicating its designated use 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.

How is the stamp duty calculated for properties in Madhavaram?

Stamp duty for properties in Madhavaram is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,00,000, the stamp duty at 7% would be Rs 1,89,000.