Guideline Value for PADASALAI STREET

Padasalai Street guideline value

The current guideline value of Padasalai Street is Rs 100 per sq.ft, effective from 1 July 2024. This street is located in Salavakkam village, under the Salavakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of Padasalai Street has changed

The guideline value for Padasalai Street has undergone several revisions over the years. The earliest recorded revision is from 2007, where the value was Rs 50 per sq.ft. This increased to Rs 100 per sq.ft in 2012, marking a 100% rise. However, in the 2017 revision, the value decreased to Rs 67 per sq.ft, which was a 33% drop. The value then rose significantly to Rs 100 per sq.ft in 2023, maintaining the same rate in the 2024 revision, resulting in a 49% increase from 2017 to 2023.

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 100%.

Guideline values in Salavakkam

In Salavakkam, there are 38 streets under the Salavakkam SRO that have a 2024 guideline value ranging from Rs 100 to Rs 250 per sq.ft. The median value is Rs 150 per sq.ft, indicating that Padasalai Street's 2024 figure is below this median.

• Pambaikara Street: Rs 102 per sq.ft (2024)
• Panchanga Iyer Street: Rs 175 per sq.ft (2024)
• Perumal Koil Street: Rs 175 per sq.ft (2024)
• Nakshatra Nagar: Rs 100 per sq.ft (2024)
• Nakshatra Avenue: Rs 150 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 175 per sq.ft (2024)

Stamp duty and registration fee for property in Padasalai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 100 per sq.ft, the total guideline value would be Rs 1,00,000. The stamp duty at 7% would amount to Rs 7,000, and the registration fee at 2% would be Rs 2,000, bringing the total fees to Rs 9,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Padasalai Street?

The Sub Registrar Office that covers Padasalai Street is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.

To find your SRO, please visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Salavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction process.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for legal and tax purposes. It helps maintain transparency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Padasalai Street?

The current guideline value of Padasalai Street is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2007 to Rs 100 per sq.ft in 2012, then decreased to Rs 67 per sq.ft in 2017, and returned to Rs 100 per sq.ft in 2023 and 2024.

What is the median guideline value in Salavakkam?

The median guideline value in Salavakkam is Rs 150 per sq.ft, with Padasalai Street's 2024 figure being below this median.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same. For example, a 1,000 sq.ft plot at Rs 100 per sq.ft incurs a total fee of Rs 9,000.

Where is the Sub Registrar Office for Padasalai Street located?

The Sub Registrar Office for Padasalai Street is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.