Guideline Value for PADDY FIELD 1ST LANE

Paddy Field 1st Lane guideline value

The current guideline value of Paddy Field 1st Lane is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Paddy Field 1st Lane has changed

The guideline value of Paddy Field 1st Lane has seen several revisions over the years. In 2007, the value was Rs 1,100 per sq.ft, which increased significantly to Rs 4,000 per sq.ft by 2012. However, it then decreased to Rs 2,680 per sq.ft in 2017. From 2017 to 2023, the value rose to Rs 4,000 per sq.ft, and it has now increased to Rs 4,400 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 300%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value for these streets is Rs 5,500 per sq.ft, placing Paddy Field 1st Lane's 2024 figure below that median.

• Padavattamman Koil Street: Rs 5,500 per sq.ft (2024)
• Otthavadai Street: Rs 4,900 per sq.ft (2024)
• Otteri Nullah: Rs 4,900 per sq.ft (2024)
• Ormes Street & Road: Rs 13,200 per sq.ft (2024)
• Ormes Road 4th Cross Street: Rs 8,800 per sq.ft (2024)
• Ormes Road 3rd Cross Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Paddy Field 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty, charged at 7%, would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, these fees would total Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Paddy Field 1st Lane?

The Sub Registrar Office that covers Paddy Field 1st Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Purasaivakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is registered, the guideline value is considered to ensure that the correct fees are collected. This value is important for both buyers and sellers, as it provides a clear understanding of the financial obligations involved in the property transaction.

Frequently asked questions

What is the current guideline value of Paddy Field 1st Lane?

The current guideline value of Paddy Field 1st Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,100 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting a significant increase of 300% overall.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in this area is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Paddy Field 1st Lane located?

The Sub Registrar Office for Paddy Field 1st Lane is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What are the other guideline values in Purasaivakkam?

Other streets in Purasaivakkam have varying guideline values, with rates ranging from Rs 2,200 to Rs 18,100 per sq.ft, while the median value is Rs 5,500 per sq.ft.