Guideline Value for Prakash Nagar 9th Cross Street (Ward 23)

Prakash Nagar 9th Cross Street (Ward 23) guideline value

The current guideline value of Prakash Nagar 9th Cross Street (Ward 23) is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Prakash Nagar 9th Cross Street (Ward 23) has changed

Looking at the revisions, the guideline value remained at Rs 2,500 per sq.ft from 2012 to 2023. However, in the 2024 revision, the value increased to Rs 2,700 per sq.ft, marking an 8% rise from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 8%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2017 for this street. The value remained unchanged at Rs 2,500 per sq.ft from 2012 to 2023, indicating stability before the recent increase.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with 2024 guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value is Rs 1,600 per sq.ft, which means the guideline value for Prakash Nagar 9th Cross Street (Ward 23) is above this median.

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

Stamp duty and registration fee for property in Prakash Nagar 9th 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 to Rs 2,43,000. Duty is charged on the guideline value or the sale price, whichever is higher.

You can also use the stamp duty and registration fee calculator for more accurate calculations based on your property.

Which Sub Registrar Office covers Prakash Nagar 9th Cross Street (Ward 23)?

The Sub Registrar Office that covers Prakash Nagar 9th 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 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 a property 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 fair value of the property based on current market standards. This ensures transparency and compliance with legal requirements during the transaction process.

Frequently asked questions

What is the current guideline value of Prakash Nagar 9th Cross Street (Ward 23)?

The current guideline value of Prakash Nagar 9th 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 seen an increase from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, which is an 8% rise. Overall, from 2012 to 2024, the value has increased by 8%.

What is the land classification for this street?

The land classification for Prakash Nagar 9th Cross Street (Ward 23) is Residential Special Type - I.

What is the registration office for this area?

The registration office for Prakash Nagar 9th Cross Street (Ward 23) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the stamp duty for property transactions in this area?

The stamp duty for property transactions in Prakash Nagar 9th Cross Street (Ward 23) is 7% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 1,89,000.