Guideline Value for PADMA NAGAR (WARD -1)

Padma Nagar (Ward -1) guideline value

The current guideline value of Padma Nagar (Ward -1) is Rs 1,651 per sq.ft, effective from 1 July 2024. This area is located in Potheri village and falls under the Chengleput Joint II SRO, classified as Residential Special Type - III.

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

The guideline value for Padma Nagar (Ward -1) has undergone several revisions over the years. In 2012, the guideline value was set at Rs 1,500 per sq.ft. This figure remained unchanged until the next revision in 2017, where it decreased to Rs 1,005 per sq.ft. The value saw a significant increase in 2023, rising to Rs 1,500 per sq.ft, and further increased to Rs 1,651 per sq.ft in the 2024 revision, marking a 10% rise from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Potheri

Potheri village has a total of 129 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 2,970 per sq.ft. The median value for these streets is Rs 770 per sq.ft, indicating that the guideline value for Padma Nagar (Ward -1) is above the 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 rate of Rs 1,651 per sq.ft, the guideline value amounts to Rs 16,51,000. The stamp duty at 7% would be Rs 1,15,570, and the registration fee at 2% would be Rs 33,020, making a total of Rs 1,48,590. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

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. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Potheri. It serves as a reference point for determining the stamp duty and registration fees applicable during the transaction.

When a property is registered, the guideline value is used to calculate the applicable charges. Buyers and sellers should be aware that the duty is based on the higher of the guideline value or the sale price, ensuring that the correct fees are paid during the registration process.

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 1,651 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 1,005 per sq.ft in 2017, then to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,651 per sq.ft in 2024.

What is the land classification of Padma Nagar (Ward -1)?

Padma Nagar (Ward -1) is classified as Residential Special Type - III, indicating its suitability for residential purposes.

What are the stamp duty and registration fees in Padma Nagar (Ward -1)?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a total fee of Rs 1,48,590.

Which office handles the registration for Padma Nagar (Ward -1)?

The Chengleput Joint II Sub Registrar Office handles the registration for Padma Nagar (Ward -1), located at 10, Kancheepuram Main Road, Chengalpattu 603 002.