Guideline Value for Prakash Nagar 8th St, Ponniammanmedu (Ward-23)

Prakash Nagar 8th St, Ponniammanmedu (Ward-23) guideline value

The current guideline value for Prakash Nagar 8th St, Ponniammanmedu (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 8th St, Ponniammanmedu (Ward-23) has changed

The guideline value for Prakash Nagar 8th St has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,700 per sq.ft, an increase of 8% from the previous year's figure of Rs 2,500 per sq.ft established in 2023. Prior to that, the guideline value remained unchanged at Rs 2,500 per sq.ft from the 2012 revision to the 2023 revision.

There are no figures available for the years 2002, 2003, 2007, and 2017 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram village, the guideline values for streets under the Madhavaram SRO range from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Prakash Nagar 8th St, Ponniammanmedu (Ward-23) is above this median.

• Prakash Nagar 8th 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 7th 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)
• Prakash Nagar 7th Cross Street (Ward 23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar Extension: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Prakash Nagar 8th St, Ponniammanmedu (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 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 further assistance.

Which Sub Registrar Office covers Prakash Nagar 8th St, Ponniammanmedu (Ward-23)?

The Prakash Nagar 8th St, Ponniammanmedu (Ward-23) falls under the jurisdiction of 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 during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property being exchanged. It is essential for buyers to be aware of the guideline value to ensure that they are paying a fair price and that all legal requirements are met during the transaction.

Frequently asked questions

What is the current guideline value of Prakash Nagar 8th St, Ponniammanmedu (Ward-23)?

The current guideline value of Prakash Nagar 8th St, Ponniammanmedu (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 increased from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, marking an 8% increase. There were no changes in the value from 2012 to 2023, as it remained at Rs 2,500 per sq.ft during that period.

What is the land classification for Prakash Nagar 8th St, Ponniammanmedu (Ward-23)?

Prakash Nagar 8th St, Ponniammanmedu (Ward-23) is classified as Residential Special Type - I under the Madhavaram SRO.

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 stamp duty calculated for properties in Prakash Nagar 8th St, Ponniammanmedu (Ward-23)?

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