Guideline Value for Prakash Nagar 8th Cross Street (Ward 23)

Prakash Nagar 8th Cross Street (Ward 23) guideline value

The current guideline value of Prakash Nagar 8th 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 the land classification is Residential Special Type - I.

How the guideline value of Prakash Nagar 8th Cross Street (Ward 23) has changed

According to the guideline value register, there are no figures available for Prakash Nagar 8th Cross Street for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 2,500 per sq.ft, which increased to Rs 2,700 per sq.ft in the 2024 revision, reflecting a change of +8%.

The 2024 revision of Rs 2,700 per sq.ft is above the median figure of Rs 1,600 per sq.ft for the 1,946 streets in Madhavaram, indicating a competitive position within the local market. The previous revision in 2023 was Rs 2,500 per sq.ft.

Guideline values in Madhavaram

The guideline values in Madhavaram for 2024 range from Rs 1,300 to Rs 7,500 per sq.ft. Prakash Nagar 8th Cross Street (Ward 23) is positioned above the median value of Rs 1,600 per sq.ft.

• Prakash Nagar 7th St, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 8th 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 9th 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 9th St, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Prakash Nagar 8th 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 fees together to Rs 2,43,000. 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 8th Cross Street (Ward 23)?

The Sub Registrar Office that covers Prakash Nagar 8th 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 more details.

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

The guideline value is a crucial reference for property transactions in Madhavaram. It is used to determine the stamp duty and registration fees payable when buying or selling property.

When a property is registered, the guideline value or the sale price, whichever is higher, is considered for calculating these fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Prakash Nagar 8th Cross Street (Ward 23)?

The current guideline value of Prakash Nagar 8th Cross Street (Ward 23) is Rs 2,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, marking an increase of +8%.

What is the land classification for Prakash Nagar 8th Cross Street (Ward 23)?

The land classification for Prakash Nagar 8th Cross Street (Ward 23) is Residential Special Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Madhavaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.