Guideline Value for PADMANABHAN STREET

Padmanabhan Street guideline value

The current guideline value of Padmanabhan Street is Rs 2,160 per sq.ft, effective from 1 July 2024. This street is located in Nemilicherry village, under the Pallavaram Sub Registrar Office, classified as Residential Class II Type - I.

How the guideline value of Padmanabhan Street has changed

The guideline value for Padmanabhan Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased to Rs 2,000 per sq.ft in the 2023 revision, and finally, the current value is Rs 2,160 per sq.ft as per the 2024 revision. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the value decreased by 33%, but it saw a significant increase of 49% from 2017 to 2023. The change from 2023 to 2024 reflects an increase of 8%. Overall, from 2012 to 2024, the guideline value has risen by 8%.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value is Rs 2,160 per sq.ft, which matches the current guideline value of Padmanabhan Street.

• Padmavathi Street: Rs 2,160 per sq.ft (2024)
• Om Sakthi Nagar II: Rs 2,750 per sq.ft (2024)
• Om Sakthi Nagar: Rs 2,750 per sq.ft (2024)
• Pallavan Trasport Colony: Rs 2,160 per sq.ft (2024)
• Panchayat Market Colony Lane: Rs 1,100 per sq.ft (2024)
• Panchayat Market Colony Road: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Padmanabhan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,160 per sq.ft, the total guideline value would be Rs 21,60,000. The stamp duty at 7% would amount to Rs 1,51,200, and the registration fee at 2% would be Rs 43,200, making the total fees together Rs 1,94,400. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Padmanabhan Street?

Padmanabhan Street falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property. It serves as a basis for calculating the stamp duty and registration fees that are payable at the time of registration.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable stamp duty. This ensures that the fees reflect the actual value of the transaction, as per the guidelines set by the Registration Department.

Frequently asked questions

What is the current guideline value of Padmanabhan Street?

The current guideline value of Padmanabhan Street is Rs 2,160 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,160 per sq.ft in 2024.

What is the land classification for Padmanabhan Street?

Padmanabhan Street is classified as Residential Class II Type - I, indicating its suitability for residential purposes.

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

The Sub Registrar Office covering Padmanabhan Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for properties in Padmanabhan Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 21,60,000, the stamp duty would be Rs 1,51,200 at 7%.