Guideline Value for Prem Nagar

Prem Nagar guideline value

The current guideline value of Prem Nagar, located in Pozhichalur village under the Pammal SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Prem Nagar has changed

The guideline value for Prem Nagar has seen significant changes over the years. In the 2007 revision, the value was Rs 400 per sq.ft. This increased to Rs 1,005 per sq.ft in 2017, marking a 151% rise. The 2023 revision set the value at Rs 1,500 per sq.ft, which was a 49% increase from the previous figure. The latest revision in 2024 has further increased the guideline value to Rs 1,650 per sq.ft, reflecting a 10% rise from 2023.

It is important to note that there are no figures available in the register for the years 2002, 2003, and 2012 for this street. Overall, from 2007 to 2024, the guideline value has increased by 313%.

Guideline values in Pozhichalur

In Pozhichalur, there are 299 streets under the Pammal SRO carrying a 2024 guideline value ranging from Rs 1,100 to Rs 4,500 per sq.ft. The median value for these streets is Rs 1,320 per sq.ft, placing Prem Nagar's 2024 figure above this median.

• Prem Nagar Extension: Rs 1,650 per sq.ft (2024)
• Pozhichalur Main Road (8): Rs 2,750 per sq.ft (2024)
• Pozhichalur Main Road (16): Rs 2,750 per sq.ft (2024)
• Pozhichalur Main Road (14): Rs 2,750 per sq.ft (2024)
• Pozhichalur Main Road: Rs 2,750 per sq.ft (2024)
• Poonurangam Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Prem Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total charges Rs 1,48,500. It is crucial to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Prem Nagar?

The Sub Registrar Office covering Prem Nagar is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a critical role during the registration of property transactions in Pozhichalur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenues through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value as it may affect the overall costs involved in the transaction. Buyers should ensure that the sale price is in line with the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Prem Nagar?

The current guideline value of Prem Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, reflecting a total increase of 313% over the years.

What are the other streets with guideline values in Pozhichalur?

Other streets in Pozhichalur include Prem Nagar Extension at Rs 1,650 per sq.ft, various Pozhichalur Main Roads at Rs 2,750 per sq.ft, and Poonurangam Nagar at Rs 1,320 per sq.ft.

How is stamp duty calculated in Prem Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 1,15,500 based on the current guideline value.

Where can I find the Sub Registrar Office for Prem Nagar?

The Sub Registrar Office for Prem Nagar is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075. You can find more details about it online.