Guideline Value for Prakash Park

Prakash Park guideline value

The current guideline value of Prakash Park, located in Kendiracherry village under the Madurandakam SRO, is Rs 100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Prakash Park has changed

The guideline value for Prakash Park has seen several revisions over the years. In 2007, the guideline value was Rs 25 per sq.ft, which increased significantly to Rs 100 per sq.ft in 2012. However, it then decreased to Rs 67 per sq.ft in 2017. The 2023 revision maintained the value at Rs 100 per sq.ft, and the same value has been retained in the 2024 revision, indicating no change from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 300%. The register does not provide figures for the years 2002 and 2003 for Prakash Park.

Guideline values in Kendiracherry

In Kendiracherry, there are 17 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 300 per sq.ft, with the median being Rs 100 per sq.ft. Prakash Park's 2024 figure aligns with this median value.

• Prince Park: Rs 100 per sq.ft (2024)
• Ram Nagar: Rs 100 per sq.ft (2024)
• Ram Nagar Extn: Rs 100 per sq.ft (2024)
• Sai Serveshwara Garden: Rs 250 per sq.ft (2024)
• Lake View: Rs 300 per sq.ft (2024)
• Iyshwarya City IV: Rs 100 per sq.ft (2024)

Stamp duty and registration fee for property in Prakash Park

For a 1,000 sq.ft plot at the current guideline value of Rs 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, while the registration fee at 2% would be Rs 2,000, bringing the total fees to Rs 9,000. It is important to note that the 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 Park?

The Sub Registrar Office that covers Prakash Park 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 Kendiracherry

The guideline value is a crucial factor in property transactions, as it determines the stamp duty and registration fees payable during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is used to assess the applicable fees, which are calculated based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Prakash Park?

The current guideline value of Prakash Park is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 25 per sq.ft in 2007 to Rs 100 per sq.ft in 2012, decreased to Rs 67 per sq.ft in 2017, and has remained at Rs 100 per sq.ft in both 2023 and 2024.

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

Other streets in Kendiracherry include Prince Park, Ram Nagar, Ram Nagar Extn, Sai Serveshwara Garden, Lake View, and Iyshwarya City IV, with values ranging from Rs 100 to Rs 300 per sq.ft in 2024.

How is stamp duty calculated for properties in Prakash Park?

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

Where is the Sub Registrar Office for Prakash Park located?

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