Guideline Value for Prem Nagar

Prem Nagar guideline value

The current guideline value of Prem Nagar, located in Naduveerapattu village under the Padappai SRO, is Rs 550 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 several revisions over the years. The earliest recorded figure was Rs 500 per sq.ft in 2012, which then decreased to Rs 335 per sq.ft in 2017. Following this, the value increased significantly to Rs 500 per sq.ft in 2023, and most recently, it has risen to Rs 550 per sq.ft in 2024, marking a 10% increase from the previous year.

Between the 2012 and 2017 revisions, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Naduveerapattu

Naduveerapattu village features 96 streets under the Padappai SRO, with guideline values ranging from Rs 330 to Rs 2,500 per sq.ft. The median guideline value for these streets is Rs 660 per sq.ft, placing Prem Nagar's 2024 figure below the median.

• Rajalakshmi Nagar: Rs 550 per sq.ft (2024)
• P.G.S GreenLand Phase-II: Rs 660 per sq.ft (2024)
• P.G.S Green Land: Rs 660 per sq.ft (2024)
• Periyapalayathamman Kovil Street: Rs 830 per sq.ft (2024)
• Pari Nagar: Rs 330 per sq.ft (2024)
• Ramesh Nagar: Rs 550 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 is charged at 7%, totaling Rs 38,500, and the registration fee is charged at 2%, amounting to Rs 11,000. Together, the total cost for these fees is Rs 49,500. 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?

The Sub Registrar Office covering Prem Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Naduveerapattu. It serves as a benchmark for determining the minimum value at which property can be registered, ensuring that the transaction is documented at a fair value.

When you buy or sell property, the guideline value influences the stamp duty and registration fees applicable. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives its due revenue from 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 to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the median guideline value in Naduveerapattu?

The median guideline value for the 96 streets in Naduveerapattu is Rs 660 per sq.ft, which is above the current guideline value of Prem Nagar.

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

The stamp duty for a property valued at Rs 5,50,000 is Rs 38,500, and the registration fee is Rs 11,000, totaling Rs 49,500.

Where is the Sub Registrar Office for Prem Nagar located?

The Sub Registrar Office for Prem Nagar is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.