Guideline Value for Prince Park

Prince Park guideline value

The current guideline value of Prince Park in Kendiracherry village is Rs 100 per sq.ft, effective from 1 July 2024. This property falls under the Madurandakam SRO and is classified as Residential Class I Type - I.

How the guideline value of Prince Park has changed

The guideline value for Prince Park has seen several revisions over the years. The 2007 revision set the value at Rs 25 per sq.ft, which increased significantly to Rs 100 per sq.ft in the 2012 revision. However, it decreased to Rs 67 per sq.ft in 2017, before returning to Rs 100 per sq.ft in both the 2023 and 2024 revisions. Notably, there are no figures available for the years 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%, while the jump from 2007 to 2012 was a substantial 300%. Overall, from 2007 to 2024, the guideline value has increased by 300%, reflecting the changes in the local real estate landscape.

Guideline values in Kendiracherry

In Kendiracherry, there are 17 streets under the Madurandakam SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 300 per sq.ft. The median guideline value for these streets is Rs 100 per sq.ft, which aligns with the current value for Prince Park.

• Prakash Park: Rs 100 per sq.ft (2024)
• Ram Nagar: Rs 100 per sq.ft (2024)
• Ram Nagar Extn: Rs 100 per sq.ft (2024)
• Sai Serveshwara Garden: Rs 250 per sq.ft (2024)
• Lake View: Rs 300 per sq.ft (2024)
• Iyshwarya City IV: Rs 100 per sq.ft (2024)

Stamp duty and registration fee for property in Prince Park

For a 1,000 sq.ft plot at the current guideline value of Rs 100 per sq.ft, the total guideline value amounts to Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, making the total fees Rs 9,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Prince Park?

The Madurandakam Sub Registrar Office covers Prince Park, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical component when registering properties in Kendiracherry. It determines the fees payable during the registration process, including stamp duty and registration fees, which are calculated based on this value.

When buying or selling property, the guideline value serves as a benchmark for the transaction, ensuring that the appropriate taxes are applied. It is essential for both 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 Prince Park?

The current guideline value of Prince Park is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 25 per sq.ft in 2007 to Rs 100 per sq.ft in 2012, then decreased to Rs 67 per sq.ft in 2017, and returned to Rs 100 per sq.ft in both 2023 and 2024.

What is the land classification for Prince Park?

Prince Park is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property in Prince Park?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot at Rs 100 per sq.ft, the total fees would amount to Rs 9,000.

Which office handles the registration for properties in Prince Park?

The Madurandakam Sub Registrar Office handles the registration for properties in Prince Park, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.