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 Vallancheri 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 for Padma Nagar has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision. The value increased significantly to Rs 1,500 per sq.ft in the 2023 revision and has now risen to Rs 1,650 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2024, the overall change in the guideline value is an increase of 10%. The most notable increase occurred between 2017 and 2023, where the value rose by 49%. The register has no figures for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Vallancheri

In Vallancheri village, there are 134 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 2,200 per sq.ft. The median value for these streets is Rs 825 per sq.ft, and Padma Nagar's current value is 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 cost for these 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.

You can use our stamp duty and registration fee calculator for more detailed calculations.

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 information.

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

The guideline value is a crucial factor when registering property in Vallancheri. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction complies with legal and tax obligations.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, to avoid any discrepancies 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 changed from Rs 1,500 per sq.ft in 2012 to Rs 1,650 per sq.ft in 2024, with notable increases in 2023 and 2024 revisions.

What is the land classification for Padma Nagar?

Padma Nagar is classified as Residential Special Type - III, which indicates the type of development permissible in the area.

What are the stamp duty and registration fees for properties in Padma Nagar?

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.

Where can I find the Sub Registrar Office for Padma Nagar?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002. You can find more information about your SRO online.