Guideline Value for Prakash Nagar

Prakash Nagar guideline value

The current guideline value of Prakash Nagar is Rs 150 per sq.ft, effective from 1 July 2024. This area is located in Arungunam village and falls under the Madurandakam Sub Registrar Office (SRO). The land classification for this area is Residential Special Type - I.

How the guideline value of Prakash Nagar has changed

Over the years, the guideline value for Prakash Nagar has seen significant changes. The 2024 revision sets the value at Rs 150 per sq.ft, which is the same as the 2023 revision. Prior to this, the 2017 revision recorded a value of Rs 54 per sq.ft, marking a substantial increase of 178% from 2017 to 2023. The 2012 revision had set the value at Rs 80 per sq.ft, showing a decrease of 33% when compared to 2017. The 2007 revision had a value of Rs 25 per sq.ft, which reflects a remarkable increase of 220% to the 2012 figure. Overall, from 2007 to 2024, there has been an increase of 500% in the guideline value.

It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street. The changes in guideline value illustrate the fluctuations in property valuation over time.

Guideline values in Arungunam

In Arungunam, there are 7 streets under the Madurandakam SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 500 per sq.ft. The median value for these streets is Rs 100 per sq.ft, placing Prakash Nagar's 2024 figure above that median.

• Sabthagiri Garden Phase II: Rs 100 per sq.ft (2024)
• Sri Srinivasa Nagar: Rs 151 per sq.ft (2024)
• Iswariya Nagar: Rs 100 per sq.ft (2024)
• A.A.Avenue: Rs 100 per sq.ft (2024)
• "priya Nagar": Rs 100 per sq.ft (2024)
• Sameera Terra Farms Phase-I (Sameera Green Field): Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Prakash Nagar

For a 1,000 sq.ft plot at the current rate of Rs 150 per sq.ft, the guideline value is Rs 1,50,000. The stamp duty at 7% would amount to Rs 10,500, while the registration fee at 2% would be Rs 3,000. Together, the total fees would be Rs 13,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Prakash Nagar?

The Sub Registrar Office that covers Prakash Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Arungunam

The guideline value plays a crucial role in the registration of property transactions in Arungunam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty on the transaction.

When buying or selling property, the guideline value is taken into account to calculate the applicable stamp duty and registration fees. This ensures transparency and standardization in property transactions, protecting both buyers and sellers.

Frequently asked questions

What is the current guideline value of Prakash Nagar?

The current guideline value of Prakash Nagar is Rs 150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 25 per sq.ft in 2007 to Rs 150 per sq.ft in 2024, representing an overall increase of 500%.

What are the other streets in Arungunam with their guideline values?

Other streets in Arungunam include Sabthagiri Garden Phase II at Rs 100 per sq.ft, Sri Srinivasa Nagar at Rs 151 per sq.ft, and Sameera Terra Farms Phase-I at Rs 500 per sq.ft, among others.

Where is the Madurandakam Sub Registrar Office located?

The Madurandakam Sub Registrar Office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.

How is stamp duty calculated in Prakash Nagar?

Stamp duty in Prakash Nagar is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 1,50,000, the stamp duty would be Rs 10,500 at 7%.