Guideline Value for AKSHAYA APARTMENTS (PARK ROAD)

Akshaya Apartments (Park Road) guideline value

The current guideline value of Akshaya Apartments (Park Road) is Rs 9,700 per sq.ft, effective from 1 July 2024. This property is located in Padi village under the Villivakkam SRO, classified as Residential Class I Type - II.

How the guideline value of Akshaya Apartments (Park Road) has changed

The guideline value of Akshaya Apartments (Park Road) has seen several revisions over the years. In 2012, the value was Rs 9,000 per sq.ft, which then decreased to Rs 6,030 per sq.ft in 2017. Following this, the value increased significantly to Rs 9,000 per sq.ft in 2023, and currently stands at Rs 9,700 per sq.ft as of the 2024 revision. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From the 2012 revision to 2017, there was a decrease of 33%. However, from 2017 to 2023, the guideline value increased by 49%. The most recent change from 2023 to 2024 reflects an increase of 8%. Overall, the guideline value has increased by 8% from 2012 to 2024.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft as of 2024. The median guideline value for these streets is Rs 3,800 per sq.ft, placing Akshaya Apartments (Park Road) above this median.

• Ajantha Flats (7th Avenue): Rs 13,100 per sq.ft (2024)
• Amman Koil Street: Rs 2,800 per sq.ft (2024)
• ANNAI FLATS (Padi Kuppam Road): Rs 6,600 per sq.ft (2024)
• ANNA STREET (Back of Britannia): Rs 3,400 per sq.ft (2024)
• ANNA STREET (Padi Kuppam): Rs 2,200 per sq.ft (2024)
• Appadurai Chetty Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Akshaya Apartments (Park Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 9,700 per sq.ft, the total guideline value amounts to Rs 97,00,000. The stamp duty at 7% would be Rs 6,79,000, and the registration fee at 2% would be Rs 1,94,000, leading to a total of Rs 8,73,000. It is important to note that 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 Akshaya Apartments (Park Road)?

The Sub Registrar Office that covers Akshaya Apartments (Park Road) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for further assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Padi. It is used to determine the stamp duty and registration fees payable when buying or selling property. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements and to calculate the associated costs accurately.

When a property is sold, the guideline value is compared with the sale price, and the higher amount is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue based on the property's value at the time of the transaction.

Frequently asked questions

What is the current guideline value of Akshaya Apartments (Park Road)?

The current guideline value of Akshaya Apartments (Park Road) is Rs 9,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 9,000 per sq.ft in 2012 to Rs 6,030 per sq.ft in 2017, then to Rs 9,000 per sq.ft in 2023, and currently stands at Rs 9,700 per sq.ft in 2024.

What is the land classification of Akshaya Apartments (Park Road)?

Akshaya Apartments (Park Road) is classified as Residential Class I Type - II under the Villivakkam SRO.

What are the stamp duty rates for properties in Padi?

The stamp duty for properties in Padi is generally charged at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Akshaya Apartments (Park Road)?

The Sub Registrar Office for Akshaya Apartments (Park Road) is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.