Guideline Value for Prashanth Nagar

Prashanth Nagar guideline value

The current guideline value of Prashanth Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class II Type - I.

How the guideline value of Prashanth Nagar has changed

Over the years, the guideline value for Prashanth Nagar has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which then decreased to Rs 1,005 per sq.ft in 2017. Following that, there was a significant increase to Rs 1,500 per sq.ft in 2023, and the most recent revision in 2024 raised it to Rs 1,600 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 16%. However, from 2017 to 2023, there was a substantial increase of 49%. The overall change from 2012 to 2024 reflects a 33% increase in the guideline value.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, which aligns with the current value of Prashanth Nagar.

• Prasath Avenue ( Ward No.24 ): Rs 1,600 per sq.ft (2024)
• Prasath Avenue: Rs 1,300 per sq.ft (2024)
• P.R.H. Road (Ward-29): Rs 3,250 per sq.ft (2024)
• Prakash Nagar, Ponniammanmedu (Ward-23): Rs 2,700 per sq.ft (2024)
• Prakash Nagar Main Roads & Cross Streets ( Ward No.23 ): Rs 2,700 per sq.ft (2024)
• Prakash Nagar Extension: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Prashanth Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty is calculated at 7%, which totals Rs 1,12,000, and the registration fee is 2%, amounting to Rs 32,000. Together, the total cost for these fees is Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prashanth Nagar?

The Sub Registrar Office that covers Prashanth Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer and seller must ensure that the sale price is not lower than the guideline value, as the duty is charged on the higher of the two. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Prashanth Nagar?

The current guideline value of Prashanth Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 33% over this period.

What is the stamp duty rate in Prashanth Nagar?

The stamp duty rate in Prashanth Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Prashanth Nagar?

Prashanth Nagar is classified as Residential Class II Type - I under the Madhavaram SRO.