Guideline Value for Prema Nagar

Prema Nagar guideline value

The current guideline value of Prema Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village under the Velacheri SRO and is classified as Residential Class II Type - II.

How the guideline value of Prema Nagar has changed

According to the register, there are no figures available for the years 2002, 2003, 2007, 2012, and 2017 for this street. The 2023 revision set the guideline value at Rs 1,500 per sq.ft, which increased to Rs 1,650 per sq.ft in the 2024 revision, marking a 10% increase.

The current guideline value reflects the latest revision, which shows a notable change from the previous year. The 2024 figure is now established at Rs 1,650 per sq.ft, indicating a shift in valuation for properties in this locality.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Prema Nagar's 2024 figure below this median.

• Prakasam Nagar: Rs 1,650 per sq.ft (2024)
• Puzhuthivakkam Main Road: Rs 2,750 per sq.ft (2024)
• Puzhuthivakkam Village Road: Rs 2,750 per sq.ft (2024)
• Ponnuswami Avenue: Rs 1,650 per sq.ft (2024)
• Ponnurangam Street: Rs 2,750 per sq.ft (2024)
• Ponnurangam Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Prema Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value totals Rs 16,50,000. The stamp duty at 7% amounts to Rs 1,15,500, while the registration fee at 2% is Rs 33,000, bringing the total fees to Rs 1,48,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Prema Nagar?

The Sub Registrar Office covering Prema Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during property registration in Madipakkam-1. It determines the minimum value at which a property can be registered and is used to calculate stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is documented at a recognized value, helping to maintain transparency in property dealings. It is important for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Prema Nagar?

The current guideline value of Prema Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Prema Nagar was Rs 1,500 per sq.ft in 2023 and increased to Rs 1,650 per sq.ft in 2024, showing a 10% rise.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, with Prema Nagar's 2024 figure being below this median.

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

For a property valued at Rs 16,50,000, the stamp duty is Rs 1,15,500 and the registration fee is Rs 33,000, totaling Rs 1,48,500.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.