Guideline Value for NORTH MAIN ROAD

North Main Road guideline value

The current guideline value of North Main Road in Padi village, under the Villivakkam SRO, is Rs 12,000 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of North Main Road has changed

The guideline value for North Main Road has seen several revisions over the years. In 2007, the value was Rs 2,050 per sq.ft, which increased significantly to Rs 11,000 per sq.ft in 2012, marking a rise of 437%. However, between 2012 and 2017, the value decreased to Rs 7,370 per sq.ft, a drop of 33%. The value then rose again to Rs 11,000 per sq.ft in 2023, representing a 49% increase. The most recent revision in 2024 set the guideline value at Rs 12,000 per sq.ft, reflecting a 9% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 485%.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing North Main Road's 2024 figure above the median.

• North Mada Street: Rs 3,400 per sq.ft (2024)
• Officer's Colony: Rs 6,600 per sq.ft (2024)
• Officer's Colony Extension: Rs 6,600 per sq.ft (2024)
• New Balaji Appartments: Rs 5,400 per sq.ft (2024)
• Padavattamman Koil 3rd Street: Rs 3,400 per sq.ft (2024)
• Padavattamman Koil Street: Rs 3,400 per sq.ft (2024)

Stamp duty and registration fee for property in North Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 12,000 per sq.ft, the total guideline value would be Rs 1,20,00,000. The stamp duty at 7% would amount to Rs 8,40,000, and the registration fee at 2% would be Rs 2,40,000, bringing the total to Rs 10,80,000. 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 details.

Which Sub Registrar Office covers North Main Road?

The Sub Registrar Office that covers North Main Road is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the 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 is a crucial factor in the registration process when buying or selling property in Padi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer is required to pay stamp duty 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 North Main Road?

The current guideline value of North Main Road is Rs 12,000 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 2,050 per sq.ft in 2007 to Rs 12,000 per sq.ft in 2024, which is an overall increase of 485%.

What are the other streets in Padi with their guideline values?

Other streets in Padi include North Mada Street at Rs 3,400 per sq.ft, Officer's Colony and Officer's Colony Extension at Rs 6,600 per sq.ft, New Balaji Appartments at Rs 5,400 per sq.ft, and Padavattamman Koil 3rd Street and Padavattamman Koil Street at Rs 3,400 per sq.ft.

What is the registration fee for properties in North Main Road?

The registration fee is calculated based on the guideline value. For example, for a property valued at Rs 1,20,00,000, the registration fee would be Rs 2,40,000 at a rate of 2%.

Where is the Sub Registrar Office for North Main Road located?

The Sub Registrar Office for North Main Road is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.