Guideline Value for Prakash Nagar

Prakash Nagar guideline value

The current guideline value of Prakash Nagar, located in Oragadam village under the Ambattur SRO, is Rs 2,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Prakash Nagar has changed

The guideline value for Prakash Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 159 per sq.ft. This increased to Rs 171 per sq.ft in 2003, marking an increase of 8%. The value then rose significantly to Rs 600 per sq.ft in 2007, reflecting a 251% increase. Following this, the 2012 revision set the value at Rs 2,200 per sq.ft, which was a substantial 267% increase from the previous revision.

In 2017, the guideline value decreased to Rs 1,474 per sq.ft, representing a decline of 33%. However, from 2017 to 2023, it increased to Rs 2,200 per sq.ft, which is a 49% rise. The most recent revision in 2024 has set the guideline value at Rs 2,400 per sq.ft, showing a 9% increase from the previous year. There are no figures available for any other years for this street.

Guideline values in Oragadam

In Oragadam, there are 596 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Prakash Nagar is above this median.

• Prakasam Street(1st Ward): Rs 1,100 per sq.ft (2024)
• Prakasam (Garu) Street (V.L.Puram): Rs 2,400 per sq.ft (2024)
• Pudhu Street: Rs 1,900 per sq.ft (2024)
• Pushpa Nagar: Rs 1,600 per sq.ft (2024)
• Pushpa Street (Venkateswara Nagar): Rs 1,600 per sq.ft (2024)
• Puthur highways: Rs 2,200 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 2,400 per sq.ft, the guideline value amounts to Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, totaling Rs 2,16,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our 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 Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Oragadam. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the property transaction. Buyers and sellers should be aware that the guideline value is used by the registration authorities to assess the value of the property being transferred.

When a property is registered, the guideline value is compared with the sale price. The higher of the two values is considered for the calculation of stamp duty and registration fees. This ensures that the fees are based on a fair valuation of the property, reflecting its market standing.

Frequently asked questions

What is the current guideline value of Prakash Nagar?

The current guideline value of Prakash Nagar is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 159 per sq.ft in 2002 to Rs 2,400 per sq.ft in 2024, reflecting an overall increase of 1409% over the years.

What is the land classification for Prakash Nagar?

Prakash Nagar is classified as Residential Special Type - I, which indicates its suitability for residential development.

Where is the Sub Registrar Office located for Prakash Nagar?

The Ambattur Sub Registrar Office is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is the stamp duty calculated for properties in Prakash Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 24,00,000 would incur a stamp duty of Rs 1,68,000 at 7%.