Guideline Value for M.K. Padmanaban Street

M.K. Padmanaban Street guideline value

The current guideline value of M.K. Padmanaban Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Cantonment Pallavaram village, under the Pallavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of M.K. Padmanaban Street has changed

The guideline value for M.K. Padmanaban Street has seen several revisions over the years. In the 2003 revision, the value was set at Rs 660 per sq.ft. This increased to Rs 1,000 per sq.ft in 2007, marking a significant rise of 52%. The value then surged to Rs 2,500 per sq.ft in 2012, an increase of 150%. However, in 2017, the value dropped to Rs 1,675 per sq.ft, reflecting a decrease of 33%. The 2023 revision set the value at Rs 2,500 per sq.ft, and the most recent revision in 2024 raised it to Rs 2,700 per sq.ft, which is an increase of 8%.

It is important to note that the register has no figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 309%.

Guideline values in Cantonment Pallavaram

In Cantonment Pallavaram, there are 81 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 11,000 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, which is equal to the 2024 guideline value of M.K. Padmanaban Street.

• Milagupillai Street: Rs 2,200 per sq.ft (2024)
• Mosque Street: Rs 3,850 per sq.ft (2024)
• Muthalamman Koil Street: Rs 2,700 per sq.ft (2024)
• Mattry Square: Rs 2,200 per sq.ft (2024)
• Market Lane: Rs 3,300 per sq.ft (2024)
• Mariyamman Koil Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in M.K. Padmanaban Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers M.K. Padmanaban Street?

The Sub Registrar Office that covers M.K. Padmanaban Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Cantonment Pallavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

Frequently asked questions

What is the current guideline value of M.K. Padmanaban Street?

The current guideline value of M.K. Padmanaban Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 660 per sq.ft in 2003 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 309% over this period.

What is the land classification for M.K. Padmanaban Street?

M.K. Padmanaban Street is classified as Residential Class II Type - I.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in M.K. Padmanaban Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a plot valued at Rs 27,00,000 would incur a stamp duty of Rs 1,89,000 at 7%.