Guideline Value for PADAVATTAN STREET

Padavattan Street guideline value

The current guideline value of Padavattan Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore Sub Registrar Office (SRO), and is classified as Residential Class IV Type - III.

How the guideline value of Padavattan Street has changed

The guideline value for Padavattan Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 1,155 per sq.ft, which increased to Rs 1,283 per sq.ft in 2003, marking an increase of 11%. However, there is no figure available for this street in the 2007 revision. The value then rose to Rs 6,500 per sq.ft in 2012, a significant increase of 407% from 2003. This was followed by a decrease to Rs 4,355 per sq.ft in 2017, which represented a decline of 33%. The guideline value was then revised to Rs 6,500 per sq.ft in 2023, reflecting an increase of 49%, before reaching the current value of Rs 7,100 per sq.ft in 2024, an increase of 9%.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Padavattan Street's 2024 figure below that median.

• Pallakku Manyam: Rs 3,300 per sq.ft (2024)
• Pallakku Manyam 10th Lane: Rs 3,300 per sq.ft (2024)
• Pallakku Manyam 11th Lane: Rs 3,300 per sq.ft (2024)
• Pallakku Manyam 12th Lane: Rs 3,300 per sq.ft (2024)
• Pallakku Manyam 13th Lane: Rs 3,300 per sq.ft (2024)
• Pallakku Manyam 14th Lane: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padavattan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, totaling Rs 6,39,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Padavattan Street?

The Sub Registrar Office that covers Padavattan Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the registration fees and stamp duties are calculated based on a standardized value.

When a property is sold, the guideline value helps in assessing the appropriate fees that need to be paid. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations and to avoid any legal issues during the transaction.

Frequently asked questions

What is the current guideline value of Padavattan Street?

The current guideline value of Padavattan Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,155 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, showing an overall increase of 515% over this period.

What are the stamp duty and registration fees for property in Padavattan Street?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000, and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Which Sub Registrar Office covers Padavattan Street?

The Mylapore Sub Registrar Office covers Padavattan Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification of Padavattan Street?

Padavattan Street is classified as Residential Class IV Type - III, indicating its use for residential purposes under the local regulations.