Guideline Value for PADMA NAGAR (WARD -1)

Padma Nagar (Ward -1) guideline value

The current guideline value of Padma Nagar (Ward -1) is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Konathi village under the Chengleput Joint II SRO, classified as Residential Special Type - III.

How the guideline value of Padma Nagar (Ward -1) has changed

Over the years, the guideline value of Padma Nagar has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which remained unchanged until the 2017 revision, where it was adjusted to Rs 1,005 per sq.ft, marking a decrease of 33%. The subsequent 2023 revision increased the value to Rs 1,500 per sq.ft, and the latest 2024 revision raised it further to Rs 1,650 per sq.ft, reflecting a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register does not contain figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Konathi

In Konathi, there are 131 streets under the Chengleput Joint II SRO, with a 2024 guideline value ranging from Rs 440 to Rs 2,500 per sq.ft. The median guideline value for these streets is Rs 770 per sq.ft, placing Padma Nagar's 2024 figure above this median.

• Ottakoothar Street (Ward-20): Rs 880 per sq.ft (2024)
• Pajanaikoil Street Potheri (Ward-20): Rs 1,100 per sq.ft (2024)
• Pandiyan Nagar (Val): Rs 880 per sq.ft (2024)
• Parasakthi Street (Ward-20): Rs 880 per sq.ft (2024)
• Nehru Street(Ward-21): Rs 660 per sq.ft (2024)
• Neenjili Amman Koil Stret (Ward-21): Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Padma Nagar (Ward -1)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total fees to Rs 1,48,500. It is important to note that the 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 Padma Nagar (Ward -1)?

The Sub Registrar Office that covers Padma Nagar (Ward -1) is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of properties in Konathi. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, both parties must consider the guideline value, as it impacts the overall cost of the transaction. Buyers should be aware that the stamp duty is calculated on the higher of the guideline value or the sale price, which can affect their financial planning.

Frequently asked questions

What is the current guideline value of Padma Nagar (Ward -1)?

The current guideline value of Padma Nagar (Ward -1) is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,650 per sq.ft in 2024, with various revisions in between, including a decrease in 2017 and subsequent increases.

What is the land classification for Padma Nagar?

Padma Nagar is classified as Residential Special Type - III, indicating its designated use for residential purposes within the area.

Where can I find the Chengleput Joint II SRO?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002. This office handles registrations for properties in Padma Nagar (Ward -1).

How is stamp duty calculated in Padma Nagar?

Stamp duty in Padma Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applied to the guideline value.