Guideline Value for Prem Nagar

Prem Nagar guideline value

The current guideline value of Prem Nagar, located in Navaloor village under the Padappai SRO, is Rs 440 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Prem Nagar has changed

The guideline value for Prem Nagar has seen several revisions over the years. The 2012 revision set the value at Rs 400 per sq.ft, which then decreased to Rs 268 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 400 per sq.ft in the 2023 revision, marking a 49% rise from the 2017 figure. The most recent 2024 revision further increased the value to Rs 440 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Navaloor

In Navaloor, there are 26 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,000 per sq.ft, with a median value of Rs 550 per sq.ft. The guideline value of Prem Nagar is below this median.

• Raj Bhavan Nagar: Rs 440 per sq.ft (2024)
• Sakthi Nagar: Rs 440 per sq.ft (2024)
• Sangath Thamizh Nagar: Rs 550 per sq.ft (2024)
• S.L Green City: Rs 770 per sq.ft (2024)
• S.L.S Nagar: Rs 550 per sq.ft (2024)
• Sree Varalakshmi Avenue: 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 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, while the registration fee at 2% would be Rs 8,800, bringing the total fees to Rs 39,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Prem Nagar?

Prem Nagar is covered by 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 Navaloor

The guideline value is a crucial factor in the registration process when buying or selling property in Navaloor. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in government records.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership. This ensures transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Prem Nagar?

The current guideline value of Prem Nagar is Rs 440 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 2012 to Rs 268 per sq.ft in 2017, then to Rs 400 per sq.ft in 2023, and finally to Rs 440 per sq.ft in 2024.

What is the land classification of Prem Nagar?

Prem Nagar is classified as Residential Class II Type - I, which indicates its designation for residential purposes.

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

For a property valued at Rs 4,40,000, the stamp duty is Rs 30,800, and the registration fee is Rs 8,800, totaling Rs 39,600.

Which office handles property registrations in Prem Nagar?

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