Guideline Value for Prasanthi Nagar - III

Prasanthi Nagar - III guideline value

The current guideline value of Prasanthi Nagar - III is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Pennaloor village, under the Sriperumpudur SRO, and is classified as Residential Special Type - I.

How the guideline value of Prasanthi Nagar - III has changed

Over the years, the guideline value for Prasanthi Nagar - III has seen several revisions. The earliest recorded figure is from 2007, where the value was Rs 210 per sq.ft. This increased significantly to Rs 500 per sq.ft in 2012, marking a rise of 138%. However, from 2012 to 2017, the value decreased to Rs 335 per sq.ft, a drop of 33%. The value then rose again to Rs 500 per sq.ft in 2023, maintaining the same figure in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%, bringing it back to Rs 500 per sq.ft. Overall, since 2007, the guideline value has increased by 138%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Pennaloor

In Pennaloor, there are 35 streets under the Sriperumpudur SRO that carry a 2024 guideline value, ranging from Rs 100 to Rs 1,200 per sq.ft. The median value is Rs 200 per sq.ft, placing Prasanthi Nagar - III's 2024 figure above this median.

• Prasanthi Nagar - II: Rs 500 per sq.ft (2024)
• Prasanthi Nagar - I: Rs 500 per sq.ft (2024)
• Power Grid Colony: Rs 200 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 100 per sq.ft (2024)
• Perumal Nagar: Rs 200 per sq.ft (2024)
• Ramanjuar Nagar: Rs 500 per sq.ft (2024)

Stamp duty and registration fee for property in Prasanthi Nagar - III

For a 1,000 sq.ft plot at the current rate of Rs 500 per sq.ft, the guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, bringing the total cost to Rs 45,000. 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 Prasanthi Nagar - III?

The Sub Registrar Office that covers Prasanthi Nagar - III is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor during the registration of property transactions in Pennaloor. It serves as a benchmark for determining the stamp duty and registration fees that buyers and sellers must pay when completing property transactions.

When buying or selling property, the guideline value is used to ensure that the transaction is registered at a fair value, reflecting the current market conditions. This helps in maintaining transparency and consistency in property dealings.

Frequently asked questions

What is the current guideline value of Prasanthi Nagar - III?

The current guideline value of Prasanthi Nagar - III is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the earliest recorded figure being Rs 210 per sq.ft in 2007. The value increased to Rs 500 per sq.ft in 2012, decreased to Rs 335 per sq.ft in 2017, and returned to Rs 500 per sq.ft in both 2023 and 2024.

What is the land classification for Prasanthi Nagar - III?

Prasanthi Nagar - III is classified as Residential Special Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Prasanthi Nagar - III?

The Sub Registrar Office for Prasanthi Nagar - III is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For instance, a property with a guideline value of Rs 5,00,000 would incur a stamp duty of Rs 35,000 at a rate of 7%.