Guideline Value for JAGADAMBIKAI NAGAR (PADI)

Jagadambikai Nagar (Padi) guideline value

The current guideline value of Jagadambikai Nagar (Padi) is Rs 3,400 per sq.ft, effective from 1 July 2024. This area is located in Padi village under the Villivakkam SRO and is classified as Residential Class IV Type - II.

How the guideline value of Jagadambikai Nagar (Padi) has changed

The guideline value for Jagadambikai Nagar (Padi) has undergone several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 374 per sq.ft. This increased to Rs 420 per sq.ft in 2003, marking a 12% rise. In 2007, the value jumped significantly to Rs 850 per sq.ft, reflecting a 102% increase. The following revision in 2012 saw the value rise to Rs 3,100 per sq.ft, an increase of 265%. However, in 2017, the value decreased to Rs 2,077 per sq.ft, showing a decline of 33%. The guideline value then increased to Rs 3,100 per sq.ft in 2023, followed by the current value of Rs 3,400 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 809%. There are no figures available for revisions in years other than those listed.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 3,800 per sq.ft, which means that the guideline value of Jagadambikai Nagar (Padi) is below this median.

• Jagadambikai Nagar 'nammalvar Street': Rs 3,400 per sq.ft (2024)
• Jagadambikai Nagar 'sekhizhar Street': Rs 3,400 per sq.ft (2024)
• Jagadambikai Nagar 'manikavasakar Street': Rs 3,400 per sq.ft (2024)
• Jagadambikai Street: Rs 3,400 per sq.ft (2024)
• Jagadambikai Nagar 'easwaran Koil Street': Rs 3,400 per sq.ft (2024)
• Jagadambikai Nagar 'appar Street': Rs 3,400 per sq.ft (2024)

Stamp duty and registration fee for property in Jagadambikai Nagar (Padi)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,400 per sq.ft, the total guideline value amounts to Rs 34,00,000. The stamp duty at 7% would be Rs 2,38,000, while the registration fee at 2% would amount to Rs 68,000. Together, the total cost for stamp duty and registration fee would be Rs 3,06,000. 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 detailed calculations.

Which Sub Registrar Office covers Jagadambikai Nagar (Padi)?

The Sub Registrar Office that covers Jagadambikai Nagar (Padi) 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 more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Padi. It is used to determine the stamp duty and registration fees that need to be paid during the transaction. The higher value between the guideline value and the sale price is considered for calculating these fees.

When a buyer approaches the registration office, they must provide the necessary documentation, including the sale agreement, to facilitate the registration process. The guideline value ensures that the property is valued appropriately for taxation purposes.

Frequently asked questions

What is the current guideline value of Jagadambikai Nagar (Padi)?

The current guideline value of Jagadambikai Nagar (Padi) is Rs 3,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen significant changes, from Rs 374 per sq.ft in 2002 to Rs 3,400 per sq.ft in 2024, which is an increase of 809% overall.

What are the other streets in Padi with the same guideline value?

Other streets in Padi that share the same guideline value of Rs 3,400 per sq.ft include 'nammalvar Street', 'sekhizhar Street', 'manikavasakar Street', 'Jagadambikai Street', 'easwaran Koil Street', and 'appar Street'.

How is stamp duty calculated for properties in Jagadambikai Nagar (Padi)?

Stamp duty for properties in Jagadambikai Nagar (Padi) is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 3,400 per sq.ft would incur a stamp duty of Rs 2,38,000.

Where can I find the Sub Registrar Office for Jagadambikai Nagar (Padi)?

The Sub Registrar Office for Jagadambikai Nagar (Padi) is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. You can find more information by visiting the relevant link.