Guideline Value for Prakash Nagar

Prakash Nagar guideline value

The current guideline value of Prakash Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 2,700 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. In the 2012 revision, the value was set at Rs 2,500 per sq.ft, which remained unchanged through the 2023 revision. However, with the 2024 revision, the guideline value increased to Rs 2,700 per sq.ft, marking an 8% rise from the previous year.

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%.

Guideline values in Madhavaram

Madhavaram village has 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing Prakash Nagar's 2024 value above this median.

• Prakash Nagar 10th Cross St (Ward-23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 10th St, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 11th Cross Street (Ward 23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 11th St, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 12th St, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar 12th Street (Ward 23): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Prakash Nagar

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, totaling Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Prakash Nagar?

The Sub Registrar Office that covers Prakash Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable during the property registration process.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on the official value set by the authorities rather than the sale price alone.

Frequently asked questions

What is the current guideline value of Prakash Nagar?

The current guideline value of Prakash Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Prakash Nagar was Rs 2,500 per sq.ft in 2012 and remained the same through 2023. It increased to Rs 2,700 per sq.ft in 2024, resulting in an overall increase of 8% from 2012 to 2024.

What are the other streets in Madhavaram with the same guideline value?

Other streets in Madhavaram that share the same guideline value of Rs 2,700 per sq.ft in 2024 include Prakash Nagar 10th Cross St, Prakash Nagar 10th St, Prakash Nagar 11th Cross Street, Prakash Nagar 11th St, Prakash Nagar 12th St, and Prakash Nagar 12th Street.

What are the registration fees for property in Prakash Nagar?

The registration fees for property in Prakash Nagar include a stamp duty of 7% and a registration fee of 2% based on the guideline value. For example, for a property valued at Rs 27,00,000, the total fees would amount to Rs 2,43,000.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more details by visiting the appropriate link.