Guideline Value for PADAVATTAMMAN NAGAR

Padavattamman Nagar guideline value

The current guideline value of Padavattamman Nagar is Rs 3,400 per sq.ft, effective from 1 July 2024. This area is located in Padi village and falls under the Villivakkam SRO, classified as Residential Class IV Type - II.

How the guideline value of Padavattamman Nagar has changed

The guideline value for Padavattamman Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 460 per sq.ft. This increased to Rs 520 per sq.ft in 2003, marking a 13% rise. The value then rose significantly to Rs 850 per sq.ft in 2007, a change of 63%. The following revision in 2012 saw a decrease to Rs 3,100 per sq.ft, which was a drop of 265%. In 2017, the value was revised again to Rs 2,077 per sq.ft, reflecting a 33% decrease. The 2023 revision set the value at Rs 3,100 per sq.ft, and the most recent 2024 revision increased it to Rs 3,400 per sq.ft, a 10% increase. There are no figures available for the revisions in years not listed.

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 Padavattamman Nagar's 2024 figure below the median.

• Padavattamman Koil Street: Rs 3,400 per sq.ft (2024)
• Padavattamman Koil 3rd Street: Rs 3,400 per sq.ft (2024)
• PADI BALAJI NAGAR 1st STREET: Rs 5,400 per sq.ft (2024)
• PADI BALAJI NAGAR 2nd STREET: Rs 5,400 per sq.ft (2024)
• PADI BALAJI NAGAR 3rd STREET: Rs 5,400 per sq.ft (2024)
• Padi Balaji Nagar "kuppusamy Street": Rs 5,400 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 3,400 per sq.ft, the total guideline value would be Rs 34,00,000. The stamp duty at 7% would amount to Rs 2,38,000, and the registration fee at 2% would be Rs 68,000, totaling Rs 3,06,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use 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 further assistance.

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

The guideline value is a crucial factor during the registration of property transactions in Padi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Padavattamman Nagar?

The current guideline value of Padavattamman Nagar is Rs 3,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 460 per sq.ft in 2002 to Rs 3,400 per sq.ft in 2024, reflecting an overall increase of 639% over the years.

What is the land classification for Padavattamman Nagar?

Padavattamman Nagar is classified as Residential Class IV Type - II.

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

The stamp duty is 7% of the guideline value or sale price, whichever is higher, and the registration fee is 2% of the guideline value or sale price.

Where can I find the Sub Registrar Office for Padavattamman Nagar?

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