Guideline Value for Priya Nagar

Priya Nagar guideline value

The current guideline value of Priya Nagar in Madambakkam village is Rs 1,200 per sq.ft, effective from 1 July 2024. This area falls under the Gooduvancheri SRO and is classified as Commercial Special Type - I.

How the guideline value of Priya Nagar has changed

Over the years, the guideline value of Priya Nagar has seen several revisions. The 2007 revision set the value at Rs 300 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in 2012. However, it dropped to Rs 804 per sq.ft in 2017. The most recent revisions in 2023 and 2024 have maintained the value at Rs 1,200 per sq.ft, showing no change between these two years.

In summary, the guideline value has changed as follows: from Rs 300 in 2007 to Rs 1,200 in 2012 (an increase of 300%), then decreased to Rs 804 in 2017 (a decrease of 33%). The value then rose by 49% to Rs 1,200 in 2023 and remained the same in 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 110 streets under the Gooduvancheri SRO with a guideline value range from Rs 800 to Rs 2,000 per sq.ft. The median guideline value is Rs 1,200 per sq.ft, which is equal to the current figure for Priya Nagar.

• Perumal Nagar Extn - I: Rs 1,200 per sq.ft (2024)
• Perumal Nagar: Rs 1,201 per sq.ft (2024)
• Periyar Street: Rs 1,200 per sq.ft (2024)
• Rajeshwari Nagar: Rs 1,200 per sq.ft (2024)
• Pearl Enclave: Rs 1,200 per sq.ft (2024)
• Ram Nagar: Rs 1,200 per sq.ft (2024)

Stamp duty and registration fee for property in Priya Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,200 per sq.ft, the total guideline value amounts to Rs 12,00,000. The stamp duty at 7% would be Rs 84,000, and the registration fee at 2% would be Rs 24,000, bringing the total fees together to Rs 1,08,000. 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 Priya Nagar?

The Sub Registrar Office that covers Priya Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid to the government during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Priya Nagar?

The current guideline value of Priya Nagar is Rs 1,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 1,200 in 2012, then decreased to Rs 804 in 2017, and has remained at Rs 1,200 in both 2023 and 2024.

What is the land classification of Priya Nagar?

Priya Nagar is classified as Commercial Special Type - I, which indicates the type of development and usage permitted in the area.

Where can I find the Sub Registrar Office for Priya Nagar?

The Sub Registrar Office for Priya Nagar is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvancheri-603202, Chengalpattu registration zone.

How is stamp duty calculated for properties in Priya Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at Rs 1,200 per sq.ft would incur a stamp duty of Rs 84,000, along with a registration fee of Rs 24,000.