Guideline Value for New Padda Lane

New Padda Lane guideline value

The current guideline value of New Padda Lane is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO, classified as Residential Class II Type - II.

How the guideline value of New Padda Lane has changed

The guideline value of New Padda Lane has seen several revisions over the years. The earliest recorded revision was in 2012, with a guideline value of Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in the 2017 revision. In 2023, the value increased to Rs 2,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 2,750 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Examining the changes between these revisions, the guideline value increased by 49% from 2017 to 2023 and by 10% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 3,100 per sq.ft, positioning New Padda Lane's 2024 figure below this median.

• New Pedda Street: Rs 2,750 per sq.ft (2024)
• Nethaji Street: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar Main Road: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar 2nd Street: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar 2nd Lane: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar 1st Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in New Padda Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that the 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 New Padda Lane?

The Sub Registrar Office that covers New Padda Lane is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the state receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of New Padda Lane?

The current guideline value of New Padda Lane is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for New Padda Lane?

New Padda Lane is classified as Residential Class II Type - II under the Chennai South Joint II SRO.

What are the guideline values of other streets in Ramapuram?

Other streets in Ramapuram have varying guideline values. For instance, New Pedda Street has a value of Rs 2,750 per sq.ft, while Nethaji Street and several others are valued at Rs 3,100 per sq.ft in 2024.

Where can I find the Sub Registrar Office for New Padda Lane?

The Sub Registrar Office for New Padda Lane is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.