Guideline Value for Prem Nagar

Prem Nagar guideline value

The current guideline value of Prem Nagar in Puthur village, under the Tambaram Joint 1 SRO, is Rs 550 per sq.ft, effective from 1 July 2024. The land is classified as Residential Class I Type - II.

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 500 per sq.ft, which then decreased to Rs 335 per sq.ft in the 2017 revision. Following this, the value increased to Rs 500 per sq.ft in 2023, and the most recent revision in 2024 has raised it to Rs 550 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. The overall change from the 2012 revision to the 2024 revision is an increase of 10%.

Guideline values in Puthur

Puthur village has 63 streets under the Tambaram Joint 1 SRO, with guideline values for 2024 ranging from Rs 330 to Rs 4,600 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, placing Prem Nagar's 2024 figure below this median.

• Perumalpuram Phase-IV: Rs 1,320 per sq.ft (2024)
• Perumalpuram Phase-III: Rs 1,320 per sq.ft (2024)
• Perumalpuram Phase-II: Rs 1,320 per sq.ft (2024)
• Perumalpuram Phase-I: Rs 1,320 per sq.ft (2024)
• Perumal puram garden layout: Rs 1,320 per sq.ft (2024)
• Perumalpuram Extension: 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 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, leading to a total of Rs 49,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Prem Nagar?

The Sub Registrar Office that covers Prem Nagar is 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 Puthur

The guideline value is a critical factor in property transactions in Puthur, as it determines the minimum value at which properties can be registered. When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of ownership.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements. The guideline value reflects the government's assessment of property values in the area, which can influence the costs associated with property transactions.

Frequently asked questions

What is the current guideline value of Prem Nagar?

The current guideline value of Prem Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification of Prem Nagar?

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

How is the stamp duty calculated for properties in Prem Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 5,50,000 would incur a stamp duty of Rs 38,500.

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

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