Guideline Value for PADAVATTAMMAN NAGAR

Padavattamman Nagar guideline value

The current guideline value of Padavattamman Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO. The land classification for this street is Residential Class III Type - III.

How the guideline value of Padavattamman Nagar has changed

The guideline value for Padavattamman Nagar has undergone several revisions over the years. In 2002, the guideline value was set at Rs 101 per sq.ft. This figure increased significantly to Rs 250 per sq.ft in 2007, marking a 148% rise. The value then jumped to Rs 1,500 per sq.ft in 2012, reflecting a 500% increase from the previous revision. However, it decreased to Rs 1,005 per sq.ft in 2017, showing a decline of 33%.

From 2017 to 2023, the guideline value saw a substantial increase of 49%, reaching Rs 1,500 per sq.ft. Currently, for the 2024 revision, the value has risen again to Rs 1,600 per sq.ft, representing a 7% increase from the previous year. It is important to note that the register has no figure for this street in 2003.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Padavattamman Nagar's 2024 figure below this median.

• Padmavathi Nagar: Rs 2,500 per sq.ft (2024)
• Padmavathi Nagar (Kallikuppam): Rs 1,600 per sq.ft (2024)
• Oragadam Co-Op. Housing Colony: Rs 2,100 per sq.ft (2024)
• Palaniappa Nagar: Rs 2,100 per sq.ft (2024)
• Palanimalai Nagar: Rs 2,700 per sq.ft (2024)
• Om Sakthi Nagar (Near Pdr Nagar): Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Padavattamman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total cost for these fees Rs 1,44,000. 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 Padavattamman Nagar?

The Sub Registrar Office that covers Padavattamman Nagar 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 Korattur

The guideline value is a crucial factor during property registration in Korattur. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. Ensuring that the property is registered at the correct guideline value helps in maintaining transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Padavattamman Nagar?

The current guideline value of Padavattamman Nagar is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 101 per sq.ft in 2002 to Rs 1,600 per sq.ft in 2024, representing an overall increase of 1484% across the years.

What are the stamp duty and registration fees for property in Padavattamman Nagar?

For a 1,000 sq.ft plot at the current rate, the total guideline value would be Rs 16,00,000, with stamp duty at 7% amounting to Rs 1,12,000 and registration fee at 2% totaling Rs 32,000, making the total fees Rs 1,44,000.

Which Sub Registrar Office covers Padavattamman Nagar?

The Villivakkam Sub Registrar Office covers Padavattamman Nagar, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification for Padavattamman Nagar?

The land classification for Padavattamman Nagar is Residential Class III Type - III, indicating its suitability for residential development.