Guideline Value for Prakash Nagar

Prakash Nagar guideline value

The current guideline value of Prakash Nagar is Rs 1,000 per sq.ft, effective from 1 July 2024. This area is located in Vadaperumbakkam village, under the Redhills SRO, and is classified as Residential Special Type - I.

How the guideline value of Prakash Nagar has changed

The guideline value for Prakash Nagar has undergone several revisions over the years. In 2003, the value was Rs 35 per sq.ft, which saw a significant increase to Rs 600 per sq.ft in 2007. Following this, the value rose to Rs 1,000 per sq.ft in 2012, before dropping to Rs 670 per sq.ft in 2017. The most recent revisions in 2023 and 2024 both set the value at Rs 1,000 per sq.ft, showing no change between these two years.

From 2017 to 2023, the guideline value increased by 49%. The value saw a decrease of 33% from 2012 to 2017, while it increased by 67% from 2007 to 2012. The most remarkable change occurred between 2003 and 2007, with an increase of 1614%. Overall, from 2003 to 2024, the guideline value has risen by 2757%. The register has no figure for this street for the year 2002.

Guideline values in Vadaperumbakkam

In Vadaperumbakkam, there are 77 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 1,300 per sq.ft. The median value for these streets is Rs 1,003 per sq.ft, making Prakash Nagar's 2024 figure below that median.

• Pon Nagar-2: Rs 1,000 per sq.ft (2024)
• Pon Nagar: Rs 1,006 per sq.ft (2024)
• Perumal Koil Street: Rs 1,004 per sq.ft (2024)
• Parvathypuram Part III: Rs 1,003 per sq.ft (2024)
• Parvathipuram Part-IV: Rs 1,003 per sq.ft (2024)
• Parvathipuram Part-II: Rs 1,003 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 1,000 per sq.ft, the total guideline value amounts to Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, making the total fees together Rs 90,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prakash Nagar?

The Sub Registrar Office covering Prakash Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Vadaperumbakkam. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers should be aware that the guideline value is often a key factor in the financial aspects of property transactions.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. It is advisable for buyers and sellers to be informed about the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Prakash Nagar?

The current guideline value of Prakash Nagar is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 35 per sq.ft in 2003 to Rs 1,000 per sq.ft in 2024, reflecting an overall increase of 2757% over this period.

What is the registration office for Prakash Nagar?

The registration office for Prakash Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What are the stamp duty and registration fees for property in Prakash Nagar?

For a property valued at Rs 10,00,000, the stamp duty would be Rs 70,000, and the registration fee would be Rs 20,000, totaling Rs 90,000.

How is the guideline value determined in Vadaperumbakkam?

The guideline value in Vadaperumbakkam is determined by the Registration Department's guideline value register, which is revised periodically to reflect changes in property values in the area.