Guideline Value for Prasanthi Nagar - II

Prasanthi Nagar - II guideline value

The current guideline value of Prasanthi Nagar - II is Rs 500 per sq.ft, effective from 1 July 2024. This area is located in Pennaloor village and falls under the Sriperumpudur SRO. The land classification for this street is Residential Special Type - I.

How the guideline value of Prasanthi Nagar - II has changed

The guideline value for Prasanthi Nagar - II has undergone several revisions over the years. In 2007, the guideline value was Rs 210 per sq.ft, which increased to Rs 500 per sq.ft in 2012, marking a significant rise of 138%. However, between 2012 and 2017, the value decreased to Rs 335 per sq.ft, reflecting a decline of 33%. The value then rose again to Rs 500 per sq.ft in 2023, maintaining the same rate in the 2024 revision, resulting in no change from the previous year.

The revisions for the years 2002 and 2003 do not have any figures listed for this street in the register. Overall, from 2007 to 2024, the guideline value has increased by 138%.

Guideline values in Pennaloor

Pennaloor village has a total of 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 guideline value for the village is Rs 200 per sq.ft, making Prasanthi Nagar - II's 2024 figure of Rs 500 per sq.ft above this median.

• Prasanthi Nagar - I: Rs 500 per sq.ft (2024)
• Prasanthi Nagar - III: 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 - II

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 to Rs 45,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Prasanthi Nagar - II?

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

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

The guideline value is a crucial factor in property transactions in Pennaloor, as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that both the buyer and seller adhere to the legal requirements set forth by the registration department.

It is essential for buyers and sellers to be aware of the guideline value to avoid any discrepancies during the registration process. This value serves as a reference point for property transactions, helping to maintain transparency and fairness in the real estate market.

Frequently asked questions

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

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

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most significant increase of 138% occurring from 2007 to 2012, followed by a decrease in 2017. The value has remained stable at Rs 500 per sq.ft since 2012, with no change from 2023 to 2024.

What is the land classification for Prasanthi Nagar - II?

The land classification for Prasanthi Nagar - II is Residential Special Type - I, indicating its designated use for residential purposes.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot would incur a total of Rs 45,000 in fees based on the current guideline value.

Where is the Sriperumpudur Sub Registrar Office located?

The Sriperumpudur Sub Registrar Office is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone, and is responsible for property registrations in the area.