Guideline Value for Preethi Nagar

Preethi Nagar guideline value

The current guideline value of Preethi Nagar is Rs 850 per sq.ft, effective from 1 July 2024. This area is located in Vallam village and falls under the Chengleput Joint I SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Preethi Nagar has changed

Over the years, the guideline value of Preethi Nagar has seen several revisions. The earliest recorded figure is from 2007, where the value was Rs 180 per sq.ft. This increased significantly to Rs 850 per sq.ft in 2012, marking a rise of 372%. However, from 2012 to 2017, the value decreased to Rs 569 per sq.ft, which is a drop of 33%. The value then rose to Rs 850 per sq.ft in 2023, and it has remained the same in the 2024 revision.

Between the 2023 and 2024 revisions, there was no change, with the guideline value remaining at Rs 850 per sq.ft. Overall, from 2007 to 2024, the guideline value has increased by 372%.

Guideline values in Vallam

In Vallam, there are 30 streets under the Chengleput Joint I SRO that have a 2024 guideline value ranging from Rs 750 to Rs 1,000 per sq.ft, with the median being Rs 1,000 per sq.ft. Preethi Nagar's guideline value of Rs 850 per sq.ft is below this median.

• Rajarathinapuram: Rs 1,000 per sq.ft (2024)
• Rajeswari Avenue: Rs 1,000 per sq.ft (2024)
• Pandian Nagar: Rs 1,000 per sq.ft (2024)
• Sabari Nagar: Rs 850 per sq.ft (2024)
• Nehru Nagar: Rs 1,000 per sq.ft (2024)
• Narayana Avenue: Rs 1,000 per sq.ft (2024)

Stamp duty and registration fee for property in Preethi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 850 per sq.ft, the total guideline value amounts to Rs 8,50,000. The stamp duty at 7% would be Rs 59,500, and the registration fee at 2% would be Rs 17,000, bringing the total to Rs 76,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Preethi Nagar?

The Sub Registrar Office covering Preethi Nagar is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Vallam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction process. Buyers and sellers must ensure that the sale price of the property is aligned with the guideline value to avoid discrepancies during registration.

When a property is sold, the buyer is required to pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Preethi Nagar?

The current guideline value of Preethi Nagar is Rs 850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 180 per sq.ft in 2007, reaching Rs 850 per sq.ft in 2012, dropping to Rs 569 per sq.ft in 2017, and finally stabilizing at Rs 850 per sq.ft in 2023 and 2024.

What is the median guideline value in Vallam?

The median guideline value in Vallam is Rs 1,000 per sq.ft, with Preethi Nagar's value being below this median at Rs 850 per sq.ft.

What are the stamp duty and registration fees for property in Preethi Nagar?

For a 1,000 sq.ft plot in Preethi Nagar, the total stamp duty would be Rs 59,500, and the registration fee would be Rs 17,000, totaling Rs 76,500.

Which office handles registrations for Preethi Nagar?

The Chengleput Joint I Sub Registrar Office handles registrations for Preethi Nagar, located at 10, Kancheepuram Main Road, Chengalpattu 603 002.