Guideline Value for Prem Nagar

Prem Nagar guideline value

The current guideline value of Prem Nagar, located in Chitlapakkam village under the Tambaram Joint 1 SRO, is Rs 1,100 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - II land classification.

How the guideline value of Prem Nagar has changed

Over the years, the guideline value of Prem Nagar has seen several revisions. The 2012 revision set the value at Rs 1,000 per sq.ft, which remained unchanged in the subsequent revision in 2017, where it dropped to Rs 670 per sq.ft. However, from 2017 to 2023, the value increased significantly to Rs 1,000 per sq.ft, marking a 49% rise. The latest revision in 2024 brought the guideline value up to Rs 1,100 per sq.ft, a 10% increase from the previous year.

The register has no figure for this street for the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value of Prem Nagar is below this median.

• Prathip Avenue: Rs 1,650 per sq.ft (2024)
• Prathap Avenue (Munu Adhi Street): Rs 1,650 per sq.ft (2024)
• Prathap Avenue: Rs 2,750 per sq.ft (2024)
• Priyalvar Street: Rs 1,100 per sq.ft (2024)
• Pugalendhi Street: Rs 2,750 per sq.ft (2024)
• Poombuhar Street: Rs 2,750 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 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, making the total charges Rs 99,000. It's important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Prem Nagar?

Prem Nagar falls under the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, 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 Chitlapakkam

The guideline value is a crucial factor in property transactions within Chitlapakkam. It serves as a reference point for determining the stamp duty and registration fees that need to be paid at the time of property registration.

When buying or selling property, the guideline value ensures that the transaction is recorded accurately and fairly, reflecting the official value set by the registration authorities. This helps maintain transparency in property dealings in the area.

Frequently asked questions

What is the current guideline value of Prem Nagar?

The current guideline value of Prem Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What are the stamp duty and registration fees for Prem Nagar?

For a 1,000 sq.ft plot, the total guideline value is Rs 11,00,000. The stamp duty would be Rs 77,000, and the registration fee would be Rs 22,000, totaling Rs 99,000.

Which Sub Registrar Office covers Prem Nagar?

Prem Nagar is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the land classification of Prem Nagar?

Prem Nagar is classified under Residential Class II Type - II, indicating its suitability for residential development.