Guideline Value for Prime City

Prime City guideline value

The current guideline value of Prime City, located in Nemili village under the Sriperumpudur SRO, is Rs 210 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class III Type - I land classification.

How the guideline value of Prime City has changed

The guideline value for Prime City has seen several revisions over the years. In 2007, the value was Rs 55 per sq.ft, which increased significantly to Rs 200 per sq.ft in 2012. However, it decreased to Rs 134 per sq.ft in 2017. The value then rose to Rs 200 per sq.ft in the 2023 revision, and the most recent revision in 2024 set the value at Rs 210 per sq.ft. The register has no figure for this street for the years 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2012 to 2017 saw a decrease of 33%, while the rise from 2007 to 2012 was substantial at 264%. Overall, from 2007 to 2024, the guideline value has increased by 282%.

Guideline values in Nemili

In Nemili, there are 66 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 1,000 per sq.ft, with a median value of Rs 250 per sq.ft. The guideline value of Prime City is below this median.

• Pillaiyar Koil Street: Rs 210 per sq.ft (2024)
• Rajaji Street: Rs 150 per sq.ft (2024)
• Rajan Nagar: Rs 300 per sq.ft (2024)
• Rajivgandhi Nagar: Rs 210 per sq.ft (2024)
• Rajiv Gandhi Street: Rs 210 per sq.ft (2024)
• Ramanan Nagar: Rs 210 per sq.ft (2024)

Stamp duty and registration fee for property in Prime City

For a 1,000 sq.ft plot at the current guideline value of Rs 210 per sq.ft, the total guideline value would be Rs 2,10,000. The stamp duty at 7% would amount to Rs 14,700, and the registration fee at 2% would be Rs 4,200, totaling Rs 18,900. 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 further calculations.

Which Sub Registrar Office covers Prime City?

The Sub Registrar Office that covers Prime City is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Nemili. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property.

When a property is registered, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Prime City?

The current guideline value of Prime City in Nemili village is Rs 210 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 55 per sq.ft in 2007 to Rs 210 per sq.ft in 2024, with several revisions in between, including a decrease and subsequent increases.

What is the median guideline value in Nemili?

The median guideline value in Nemili for 2024 is Rs 250 per sq.ft, with Prime City's value being below this median.

What are the stamp duty and registration fees for properties in Prime City?

For a plot of 1,000 sq.ft, the total guideline value is Rs 2,10,000, leading to a stamp duty of Rs 14,700 and a registration fee of Rs 4,200, totaling Rs 18,900.

Which office handles registrations for Prime City?

The Sriperumpudur Sub Registrar Office handles registrations for Prime City, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.