Guideline Value for Prakash Nagar Extension

Prakash Nagar Extension guideline value

The current guideline value of Prakash Nagar Extension is Rs 2,700 per sq.ft. This area is located in Madhavaram village, under the Madhavaram Sub Registrar Office (SRO). The land classification for this street is Residential Special Type - I.

How the guideline value of Prakash Nagar Extension has changed

The guideline value for Prakash Nagar Extension has undergone several revisions over the years. The most recent revision, effective from 1 July 2024, sets the guideline value at Rs 2,700 per sq.ft, an increase from the 2023 revision of Rs 2,500 per sq.ft. The 2012 revision also recorded a value of Rs 2,500 per sq.ft, indicating no change between 2012 and 2023. Notably, there are no figures available for the years 2002, 2003, 2007, and 2017 in the register for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The change from 2023 to 2024 represents an 8% increase as well, reflecting a consistent upward trend in the guideline value for this area over the specified periods.

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 guideline value for the village is Rs 1,600 per sq.ft, placing Prakash Nagar Extension's 2024 figure above this median.

• Prakash Nagar 9th St, Ponniammanmedu (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 Main Roads & Cross Streets (Ward No.23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 8th 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 7th St, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Prakash Nagar Extension

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, charged at 7%, would be Rs 1,89,000, while the registration fee at 2% would be Rs 54,000. Together, the total cost for stamp duty and registration fee would be 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 information on calculating your fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prakash Nagar Extension?

The Prakash Nagar Extension area falls under 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 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 transaction reflects a fair valuation as per the government standards.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. These fees are essential for the legal transfer of property ownership and are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Prakash Nagar Extension?

The current guideline value of Prakash Nagar Extension 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. From 2012 to 2024, the overall increase is also 8%, with no change recorded between 2012 and 2023.

What is the land classification for Prakash Nagar Extension?

The land classification for Prakash Nagar Extension 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 all registrations for the area.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, 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.