Guideline Value for Princy Nagar

Princy Nagar guideline value

The current guideline value of Princy Nagar, located in Serapanancheri village under the Padappai SRO, is Rs 720 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Princy Nagar has changed

Since the 2012 revision, the guideline value for Princy Nagar has seen several changes. In 2012, the guideline value was Rs 650 per sq.ft, which then decreased to Rs 435 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 650 per sq.ft. The latest revision in 2024 has further increased the guideline value to Rs 720 per sq.ft, marking an 11% rise from the previous year.

There are no figures available in the register for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 11%.

Guideline values in Serapanancheri

In Serapanancheri, there are 53 streets under the Padappai SRO that carry a 2024 guideline value, ranging from Rs 440 to Rs 4,440 per sq.ft. The median guideline value for these streets is Rs 720 per sq.ft, which is equal to the current guideline value of Princy Nagar.

• Priya Nagar: Rs 720 per sq.ft (2024)
• Sai Baba Nagar: Rs 990 per sq.ft (2024)
• Sakthi Vinayagan Nagar: Rs 720 per sq.ft (2024)
• Sastha Nagar: Rs 720 per sq.ft (2024)
• Muthumariamman Koil Street: Rs 990 per sq.ft (2024)
• Shanmuga Nagar: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Princy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 720 per sq.ft, the total guideline value would be Rs 7,20,000. The stamp duty at 7% would amount to Rs 50,400, and the registration fee at 2% would be Rs 14,400, bringing the total cost for these fees to Rs 64,800. 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 information.

Which Sub Registrar Office covers Princy Nagar?

The Sub Registrar Office that covers Princy Nagar is 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 details.

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

The guideline value is a crucial factor when buying or selling property in Serapanancheri. It serves as a reference point for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers should be aware that the guideline value is used to calculate these fees, ensuring that they are paying the correct amount based on the property’s assessed value.

When registering a property, the guideline value helps to establish a fair basis for taxation. It is essential for both parties involved in a transaction to understand how the guideline value impacts their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Princy Nagar?

The current guideline value of Princy Nagar is Rs 720 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 650 per sq.ft in 2012 to Rs 435 per sq.ft in 2017, then increased to Rs 650 per sq.ft in 2023, and finally to Rs 720 per sq.ft in 2024.

What is the land classification for Princy Nagar?

The land classification for Princy Nagar is Residential Class I Type - I.

Where can I find the Padappai Sub Registrar Office?

The Padappai Sub Registrar Office is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for properties in Princy Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 50,400.