Guideline Value for Prashanthi Nagar

Prashanthi Nagar guideline value

The current guideline value of Prashanthi Nagar is Rs 1,870 per sq.ft, effective from 1 July 2024. This area is located in Pammal village, under the Pammal Sub Registrar Office (SRO), and is classified as Residential Class III Type - I.

How the guideline value of Prashanthi Nagar has changed

The guideline value for Prashanthi Nagar has seen significant changes over the years. Starting from the 2002 revision, the value was Rs 169 per sq.ft. This increased to Rs 191 per sq.ft in 2003, marking a 13% rise. The value then rose to Rs 420 per sq.ft in 2007, a substantial increase of 120%. Following this, the 2023 revision set the value at Rs 1,700 per sq.ft, reflecting a remarkable 305% increase from 2007. The latest revision in 2024 has further raised the value to Rs 1,870 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2012 and 2017 for this street. Overall, from 2002 to 2024, the guideline value has increased by 1007%, showcasing a significant escalation in property valuation over the years.

Guideline values in Pammal

In Pammal, there are 926 streets under the Pammal SRO, with the 2024 guideline values ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 2,090 per sq.ft, placing Prashanthi Nagar's 2024 figure below this median.

• Pragalathan Street /VOC Nagar: Rs 2,750 per sq.ft (2024)
• Pragalathan Street, Shankar Nagar: Rs 2,750 per sq.ft (2024)
• Prabhu Street: Rs 1,760 per sq.ft (2024)
• Prabhudas Street / Pasumpon Nagar: Rs 1,980 per sq.ft (2024)
• Prabhakaran Street / Hindustan Lever Colony: Rs 2,530 per sq.ft (2024)
• Pozhichallur Main Road, Pasumpon Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Prashanthi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty, charged at 7%, would amount to Rs 1,30,900, while the registration fee at 2% would be Rs 37,400. Together, the total fees would be Rs 1,68,300. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations based on your specific property details.

Which Sub Registrar Office covers Prashanthi Nagar?

Prashanthi Nagar falls under the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Pammal. It serves as the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps determine the financial obligations involved in the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher, impacting the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Prashanthi Nagar?

The current guideline value of Prashanthi Nagar is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 169 per sq.ft in 2002 to Rs 1,870 per sq.ft in 2024, marking an overall increase of 1007% over this period.

What are the stamp duty and registration fees for properties in Prashanthi Nagar?

For a 1,000 sq.ft property, the stamp duty would be Rs 1,30,900 and the registration fee would be Rs 37,400, totaling Rs 1,68,300.

Which office handles property registrations in Prashanthi Nagar?

The Pammal Sub Registrar Office handles property registrations for Prashanthi Nagar, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the significance of the guideline value in property transactions?

The guideline value is essential for determining the minimum registration value of properties, which affects the stamp duty and registration fees that buyers must pay during property transactions.