Guideline Value for Prakash Nagar Main Roads & Cross Streets ( Ward No.23 )

Prakash Nagar Main Roads & Cross Streets ( Ward No.23 ) guideline value

The current guideline value for Prakash Nagar Main Roads & Cross Streets (Ward No.23) is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Special Type - I.

How the guideline value of Prakash Nagar Main Roads & Cross Streets ( Ward No.23 ) has changed

Looking at the revisions, the guideline value for this street was Rs 2,500 per sq.ft in both the 2023 and 2012 revisions. The 2024 revision marks an increase to Rs 2,700 per sq.ft, reflecting an 8% rise from the previous year. There are no figures available for the revisions in 2017, 2007, 2003, and 2002 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The consistency in the 2023 and 2012 figures indicates stability in the valuation during that period.

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, with a median value of Rs 1,600 per sq.ft. The guideline value for Prakash Nagar Main Roads & Cross Streets (Ward No.23) is above this median.

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

Stamp duty and registration fee for property in Prakash Nagar Main Roads & Cross Streets ( Ward No.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 to Rs 2,43,000. The duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Prakash Nagar Main Roads & Cross Streets ( Ward No.23 )?

The Sub Registrar Office that covers Prakash Nagar Main Roads & Cross Streets (Ward No.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 factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for calculating the stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the buyer and seller must ensure that the transaction is registered at the relevant SRO, using the guideline value to determine the applicable fees. This ensures compliance with local regulations and accurate documentation of the property transfer.

Frequently asked questions

What is the current guideline value for Prakash Nagar Main Roads & Cross Streets ( Ward No.23 )?

The current guideline value for Prakash Nagar Main Roads & Cross Streets (Ward No.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 increased from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, reflecting an 8% rise. There were no figures available for the revisions in 2017, 2007, 2003, and 2002 for this street.

What is the land classification for this area?

The land classification for Prakash Nagar Main Roads & Cross Streets (Ward No.23) is Residential Special Type - I. This classification indicates the intended use of the land for residential purposes.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Prakash Nagar Main Roads & Cross Streets (Ward No.23) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all registration activities for properties in the area.

How is the stamp duty calculated for properties in this area?

Stamp duty 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 would be Rs 1,89,000 at a rate of 7%.