Guideline Value for PADI BALAJI NAGAR 1st STREET

PADI BALAJI NAGAR 1st STREET guideline value

The current guideline value of PADI BALAJI NAGAR 1st STREET is Rs 5,400 per sq.ft, effective from 1 July 2024. This street is located in Padi village under the Villivakkam SRO, classified as Residential Class III Type - I.

How the guideline value of PADI BALAJI NAGAR 1st STREET has changed

The guideline value for PADI BALAJI NAGAR 1st STREET has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 900 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012. However, it then decreased to Rs 3,350 per sq.ft in 2017. The 2023 revision set the value at Rs 5,000 per sq.ft, and the latest 2024 revision has increased it to Rs 5,400 per sq.ft, marking an 8% increase from the previous year.

In terms of percentage changes, the guideline value increased by 456% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then rose by 49% from 2017 to 2023. Overall, from 2007 to 2024, the guideline value has increased by 500%. It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft as per the 2024 revision. The median guideline value in this area is Rs 3,800 per sq.ft, indicating that PADI BALAJI NAGAR 1st STREET's current value is above this median.

• 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)
• Padi Balaji Nagar (Opp.Tvs Group Companies): Rs 5,400 per sq.ft (2024)
• Padi Industrial Eatate (Mogappair East Scheme): Rs 5,500 per sq.ft (2024)
• Padi Kuppam "angalamman Koil Street": Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in PADI BALAJI NAGAR 1st STREET

For a 1,000 sq.ft plot at the current guideline value of Rs 5,400 per sq.ft, the total guideline value would be Rs 54,00,000. The stamp duty at 7% would amount to Rs 3,78,000, and the registration fee at 2% would be Rs 1,08,000, bringing the total fees to Rs 4,86,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers PADI BALAJI NAGAR 1st STREET?

The Sub Registrar Office covering PADI BALAJI NAGAR 1st STREET 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 Padi

The guideline value is a critical factor in the registration of property transactions in Padi. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duties and registration fees.

When buying or selling property, the guideline value helps both parties understand the legal value of the property. It is essential for potential buyers to be aware of the guideline value to avoid overpaying for a property, while sellers must consider it when setting their selling price.

Frequently asked questions

What is the current guideline value of PADI BALAJI NAGAR 1st STREET?

The current guideline value of PADI BALAJI NAGAR 1st STREET is Rs 5,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 900 per sq.ft in 2007 to Rs 5,400 per sq.ft in 2024, marking an overall increase of 500%.

What is the median guideline value in Padi?

The median guideline value in Padi is Rs 3,800 per sq.ft, with PADI BALAJI NAGAR 1st STREET's current value being above this median.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 54,00,000, the stamp duty would be Rs 3,78,000 and the registration fee would be Rs 1,08,000, totaling Rs 4,86,000.

Where is the Sub Registrar Office located for PADI BALAJI NAGAR 1st STREET?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near Nolambur Eb Office.