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

Prakash Nagar, Ponniammanmedu (Ward-23) guideline value

The current guideline value of Prakash Nagar, Ponniammanmedu (Ward-23) is Rs 2,700 per sq.ft, effective from 1 July 2024. This area falls under Madhavaram village and is classified as Residential Special Type - I, governed by the Madhavaram SRO.

How the guideline value of Prakash Nagar, Ponniammanmedu (Ward-23) has changed

Historically, the guideline value for Prakash Nagar, Ponniammanmedu has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which remained unchanged until the 2023 revision. In 2023, the guideline value was updated to Rs 2,500 per sq.ft, and then increased to Rs 2,700 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

There are no figures available for the revisions in 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, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft as of 2024. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Prakash Nagar, Ponniammanmedu (Ward-23) above this median.

• Prakash Nagar Main Roads & Cross Streets (Ward No.23): Rs 2,700 per sq.ft (2024)
• 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 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, 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 duty is charged on the higher of the guideline value or the sale price.

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

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

The Sub Registrar Office that covers Prakash Nagar, Ponniammanmedu (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 in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the stamp duty is calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

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

The current guideline value of Prakash Nagar, 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 remained at Rs 2,500 per sq.ft from 2012 to 2023, and then increased to Rs 2,700 per sq.ft in 2024, marking an overall increase of 8% from 2012 to 2024.

What is the land classification of Prakash Nagar?

Prakash Nagar is classified as Residential Special Type - I, indicating its designation for residential purposes within the Madhavaram village.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000, and the registration fee would be Rs 54,000, totaling Rs 2,43,000. These fees are based on the guideline value.

Where is the Sub Registrar Office for Prakash Nagar located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it handles registrations for properties in Prakash Nagar, Ponniammanmedu (Ward-23).