Guideline Value for Priya Nagar

Priya Nagar guideline value

The current guideline value of Priya Nagar, located in Pothur village under the Redhills SRO, is Rs 550 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 Priya Nagar has changed

The guideline value for Priya Nagar has seen several revisions over the years. In 2007, the guideline value was set at Rs 300 per sq.ft. This increased to Rs 500 per sq.ft in 2012, but then dropped to Rs 335 per sq.ft in 2017. Following this, the value rose significantly to Rs 500 per sq.ft in 2023, and most recently, it has been revised to Rs 550 per sq.ft in 2024.

Between these revisions, several notable changes occurred. From 2007 to 2012, the guideline value increased by 67%. However, from 2012 to 2017, there was a decrease of 33%. The value then surged by 49% from 2017 to 2023, followed by a 10% increase from 2023 to 2024. Overall, the guideline value has increased by 83% from 2007 to 2024.

Guideline values in Pothur

Pothur village has a total of 98 streets under the Redhills SRO, with the 2024 guideline values ranging from Rs 330 to Rs 2,000 per sq.ft. The median guideline value for these streets is Rs 550 per sq.ft, which is equal to the current guideline value of Priya Nagar.

• Pothigai Nagar Extention: Rs 550 per sq.ft (2024)
• Pothigai Nagar: Rs 550 per sq.ft (2024)
• Pothigai Avenue: Rs 550 per sq.ft (2024)
• Pokkisham Nagar Extension-II: Rs 1,100 per sq.ft (2024)
• Pokkisam Nagar Extention: Rs 1,000 per sq.ft (2024)
• Pokkisam Nagar: Rs 1,640 per sq.ft (2024)

Stamp duty and registration fee for property in Priya Nagar

For a 1,000 sq.ft plot at the current rate of Rs 550 per sq.ft, the guideline value would be Rs 5,50,000. The stamp duty at 7% would amount to Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, 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 Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Pothur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value to ensure compliance with legal requirements during the transaction.

When a property is registered, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Priya Nagar?

The current guideline value of Priya Nagar is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 300 per sq.ft in 2007, rising to Rs 500 in 2012, dropping to Rs 335 in 2017, then increasing to Rs 500 in 2023, and finally reaching Rs 550 in 2024.

What are the other streets in Pothur with similar guideline values?

Other streets in Pothur with a 2024 guideline value of Rs 550 per sq.ft include Pothigai Nagar Extention, Pothigai Nagar, and Pothigai Avenue.

What is the registration fee for property in Priya Nagar?

The registration fee for property in Priya Nagar is calculated at 2% of the guideline value. For example, for a property valued at Rs 5,50,000, the registration fee would be Rs 11,000.

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

The Sub Registrar Office for Priya Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.