Guideline Value for PADI PUDU NAGAR "M.G.R.NAGAR"

Padi Pudu Nagar "m.G.R.Nagar" guideline value

The current guideline value for Padi Pudu Nagar "m.G.R.Nagar" is Rs 2,500 per sq.ft, effective from 1 July 2024. This area is located in Padi village under the Villivakkam SRO and is classified as Residential Class V Type - I.

How the guideline value of Padi Pudu Nagar "m.G.R.Nagar" has changed

The guideline value has seen several revisions over the years. In 2012, the value was Rs 2,300 per sq.ft, which decreased to Rs 1,541 per sq.ft in 2017. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,300 per sq.ft, marking a 49% rise. The most recent revision in 2024 set the value at Rs 2,500 per sq.ft, reflecting a 9% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 9%.

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. The median value for these streets is Rs 3,800 per sq.ft, placing Padi Pudu Nagar "m.G.R.Nagar" below this median.

• Padi Pudu Nagar "medi Mix Avenue": Rs 2,500 per sq.ft (2024)
• Padi Pudu Nagar Main Road: Rs 2,900 per sq.ft (2024)
• Padi Pudu Nagar "koil Street": Rs 2,500 per sq.ft (2024)
• PADI PUDU NAGAR 9th STREET: Rs 2,500 per sq.ft (2024)
• PADI PUDU NAGAR 8th STREET: Rs 2,500 per sq.ft (2024)
• PADI PUDU NAGAR 7th STREET: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Padi Pudu Nagar "m.G.R.Nagar"

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total fees to Rs 2,25,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Padi Pudu Nagar "m.G.R.Nagar"?

The Sub Registrar Office that covers Padi Pudu Nagar "m.G.R.Nagar" is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value is a crucial factor during property transactions in Padi. It serves as a reference point for calculating the stamp duty and registration fees that are payable when a property is bought or sold. The guideline value must be adhered to during registration to ensure compliance with local regulations.

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

Frequently asked questions

What is the current guideline value of Padi Pudu Nagar "m.G.R.Nagar"?

The current guideline value for Padi Pudu Nagar "m.G.R.Nagar" is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, then increased to Rs 2,300 per sq.ft in 2023, and finally to Rs 2,500 per sq.ft in 2024.

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

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Which Sub Registrar Office is responsible for Padi Pudu Nagar "m.G.R.Nagar"?

The Villivakkam Sub Registrar Office is responsible for Padi Pudu Nagar "m.G.R.Nagar", located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification of Padi Pudu Nagar "m.G.R.Nagar"?

Padi Pudu Nagar "m.G.R.Nagar" is classified as Residential Class V Type - I.