Guideline Value for PADMA STREET

Padma Street guideline value

The current guideline value of Padma Street in Perumalagaram village is Rs 3,190 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class V Type - I.

How the guideline value of Padma Street has changed

The guideline value for Padma Street has undergone several revisions over the years. In the 2012 revision, the value was Rs 2,900 per sq.ft. This figure remained the same in the subsequent 2017 revision, which saw a significant increase to Rs 1,943 per sq.ft, marking a decrease of 33%. The 2023 revision brought the value up to Rs 2,900 per sq.ft, and the most recent 2024 revision has set the value at Rs 3,190 per sq.ft, reflecting a 10% increase from the previous year.

Notably, there are no figures available for Padma Street in the revisions for the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Perumalagaram

In Perumalagaram, there are 74 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 825 to Rs 7,920 per sq.ft. The median guideline value is Rs 3,190 per sq.ft, which is equal to the current value of Padma Street.

• Pappaiah Street: Rs 3,190 per sq.ft (2024)
• Perumalagaram Atrangarai Street: Rs 825 per sq.ft (2024)
• Perumalagaram Rajan Kuppam Road: Rs 825 per sq.ft (2024)
• Perumalargaram Rajan Kuppam Cross Street: Rs 825 per sq.ft (2024)
• Perumal Koil 1st Cross & 2nd Cross: Rs 1,650 per sq.ft (2024)
• Perumal Koil Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Padma Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,190 per sq.ft, the total guideline value would be Rs 31,90,000. The stamp duty at 7% would amount to Rs 2,23,300, while the registration fee at 2% would be Rs 63,800. Together, the total cost for stamp duty and registration would be Rs 2,87,100. 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 Street?

The Sub Registrar Office that covers Padma Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Perumalagaram. It serves as a benchmark for determining the stamp duty and registration fees applicable on the transaction. The guideline value ensures that the property is registered at a fair value, which is essential for both buyers and sellers.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This means that if the sale price is lower than the guideline value, the buyer will still be required to pay stamp duty based on the guideline value, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Padma Street?

The current guideline value of Padma Street is Rs 3,190 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,900 per sq.ft in 2012 to Rs 1,943 per sq.ft in 2017, then back to Rs 2,900 per sq.ft in 2023, and finally to Rs 3,190 per sq.ft in 2024.

What is the land classification for Padma Street?

Padma Street is classified as Residential Class V Type - I under the Chennai South Joint II SRO.

What are the stamp duty and registration fees for properties on Padma Street?

For a property valued at Rs 31,90,000, the stamp duty would be Rs 2,23,300 and the registration fee would be Rs 63,800, totaling Rs 2,87,100.

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

The Sub Registrar Office for Padma Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.