Guideline Value for Prem Nagar

Prem Nagar guideline value

The current guideline value of Prem Nagar, located in Vilangadupakkam village under the Redhills SRO, is Rs 440 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III 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. In 2007, the value was Rs 200 per sq.ft, which increased to Rs 400 per sq.ft in 2012. However, it decreased to Rs 268 per sq.ft in 2017. The value then rose significantly to Rs 400 per sq.ft in 2023, and as of 2024, it stands at Rs 440 per sq.ft. The register has no figure for this street in 2002 and 2003.

From 2017 to 2023, there was a notable increase of 49%. The value rose by 100% from 2007 to 2012, but saw a decrease of 33% from 2012 to 2017. Overall, from 2007 to 2024, the guideline value has increased by 120%.

Guideline values in Vilangadupakkam

In Vilangadupakkam, there are 160 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 365 to Rs 1,792 per sq.ft. The median guideline value is Rs 440 per sq.ft, which is the same as the current value for Prem Nagar.

• Pratheep Nagar: Rs 550 per sq.ft (2024)
• Priya Nagar: Rs 550 per sq.ft (2024)
• Raja Ganapathy Nagar: Rs 550 per sq.ft (2024)
• Perumal Koil Street: Rs 440 per sq.ft (2024)
• Parthasarathy Nagar II: Rs 770 per sq.ft (2024)
• Ramdass Nagar: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Prem Nagar

For a 1,000 sq.ft plot at the current rate of Rs 440 per sq.ft, the guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, totaling Rs 39,600. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use our 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 Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process of property transactions in Vilangadupakkam. It serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When buying or selling property, the guideline value helps both parties understand the minimum value at which the property should be registered. This ensures transparency and compliance with local regulations, facilitating a smoother transaction process.

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 several times, from Rs 200 per sq.ft in 2007 to Rs 440 per sq.ft in 2024, reflecting an overall increase of 120% since 2007.

What are the other streets in Vilangadupakkam with their guideline values?

Other streets in Vilangadupakkam include Pratheep Nagar and Priya Nagar at Rs 550 per sq.ft, and Perumal Koil Street and Ramdass Nagar at Rs 440 per sq.ft, among others.

How is stamp duty calculated in Prem Nagar?

Stamp duty in Prem Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, a plot of 1,000 sq.ft at Rs 440 per sq.ft would incur a total stamp duty of Rs 30,800.

Which office handles registrations for Prem Nagar?

The Redhills Sub Registrar Office handles registrations for Prem Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.