Guideline Value for Car Street

Car Street guideline value

The current guideline value of Car Street in Padappai village, under the Padappai SRO, is Rs 830 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Car Street has changed

The guideline value for Car Street has undergone several revisions over the years. The earliest recorded value was Rs 50 per sq.ft in 2007. This figure saw a significant increase to Rs 750 per sq.ft in 2012, marking a rise of 1400%. However, it then decreased to Rs 502 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 750 per sq.ft in 2023, and finally, it reached Rs 830 per sq.ft in 2024, reflecting an increase of 11% from the previous year. The register has no figure for Car Street in 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 1560%, showcasing the significant changes in valuation over the years.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that have a 2024 guideline value ranging from Rs 440 to Rs 4,000 per sq.ft. The median value for these streets is Rs 830 per sq.ft, which is equal to the guideline value of Car Street.

• B.M.D.Nagar: Rs 1,320 per sq.ft (2024)
• Chennai Teachers Guild City Phase-I: Rs 740 per sq.ft (2024)
• Bikshi Nagar: Rs 660 per sq.ft (2024)
• Chidambaram Nagar: Rs 830 per sq.ft (2024)
• Bhavani Nagar: Rs 1,320 per sq.ft (2024)
• Chokkalingam Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Car Street

For a 1,000 sq.ft plot at the current guideline value of Rs 830 per sq.ft, the total guideline value would be Rs 8,30,000. The stamp duty at 7% would amount to Rs 58,100, and the registration fee at 2% would be Rs 16,600, bringing the total fees to Rs 74,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Car Street?

The Sub Registrar Office that covers Car Street 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 information.

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

The guideline value is a crucial factor when buying or selling property in Padappai. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers should be aware of the current guideline value to ensure accurate financial planning.

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 and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Car Street?

The current guideline value of Car Street is Rs 830 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, starting from Rs 50 per sq.ft in 2007, rising to Rs 750 in 2012, dropping to Rs 502 in 2017, and then increasing to Rs 830 in 2024.

What is the land classification of Car Street?

Car Street is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for a property in Car Street?

For a property valued at Rs 8,30,000, the stamp duty would be Rs 58,100 and the registration fee would be Rs 16,600, totaling Rs 74,700.

Which office handles the registration for Car Street?

The Padappai Sub Registrar Office handles the registration for Car Street, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.