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 Thailavaram village and falls under the Chengleput Joint II SRO. The land classification for this street is Residential Special Type - III.

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

Looking at the revisions over the years, the guideline value for Padma Nagar (Ward -1) has changed significantly. The 2012 revision set the value at Rs 1,500 per sq.ft, which remained unchanged in the 2017 revision. However, in 2017, the value dropped to Rs 1,005 per sq.ft. The 2023 revision increased it to Rs 1,500 per sq.ft, followed by a further increase to Rs 1,650 per sq.ft in the 2024 revision.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 shows a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Thailavaram

Thailavaram village has a total of 132 streets under the Chengleput Joint II SRO, with guideline values ranging from Rs 440 to Rs 2,200 per sq.ft. The median value for these streets is Rs 770 per sq.ft, placing Padma Nagar (Ward -1) above this median value.

• Ottakoothar Street (Ward-20): Rs 881 per sq.ft (2024)
• Pajanaikoil Street Potheri (Ward-20): Rs 1,100 per sq.ft (2024)
• Pandiyan Nagar (Val): Rs 881 per sq.ft (2024)
• Parasakthi Street (Ward-20): Rs 881 per sq.ft (2024)
• Nehru Street(Ward-21): Rs 660 per sq.ft (2024)
• Neenjili Amman Koil Street (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 would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, these fees would total 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. 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, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential aspect when buying or selling property in Thailavaram. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is crucial for calculating the stamp duty and registration fees applicable during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps maintain transparency in property dealings. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations 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 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent increase being from Rs 1,500 per sq.ft in 2023 to Rs 1,650 per sq.ft in 2024. Overall, from 2012 to 2024, there has been a 10% increase.

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

The land classification for Padma Nagar (Ward -1) is Residential Special Type - III, indicating its designated use for residential purposes.

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

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Padma Nagar (Ward -1)?

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