Guideline Value for PADMAVATHI NAGAR (KALLIKUPPAM)

Padmavathi Nagar (Kallikuppam) guideline value

The current guideline value of Padmavathi Nagar (Kallikuppam) is Rs 1,600 per sq.ft, effective from 1 July 2024. This area falls under Korattur village, which is managed by the Villivakkam Sub Registrar Office. The land classification for this locality is Residential Class III Type - III.

How the guideline value of Padmavathi Nagar (Kallikuppam) has changed

Over the years, the guideline value of Padmavathi Nagar has seen significant changes. The 2007 revision recorded a guideline value of Rs 250 per sq.ft, which increased dramatically to Rs 1,500 per sq.ft in 2012, marking a rise of 500%. However, from 2012 to 2017, the value decreased to Rs 1,005 per sq.ft, a drop of 33%. The value then rose again to Rs 1,500 per sq.ft in 2023, and currently stands at Rs 1,600 per sq.ft following the 2024 revision, reflecting a 7% increase from the previous year.

In summary, from 2017 to 2023, the value increased by 49%, and looking at the overall change from 2007 to 2024, there has been a substantial increase of 540%. Notably, the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value in this area is Rs 2,500 per sq.ft, indicating that Padmavathi Nagar's 2024 figure is below this median.

• Padmavathi Nagar: Rs 1,600 per sq.ft (2024)
• Palaniappa Nagar: Rs 2,100 per sq.ft (2024)
• Palanimalai Nagar: Rs 2,700 per sq.ft (2024)
• Padavattamman Nagar: Rs 1,600 per sq.ft (2024)
• Palla Street: Rs 2,500 per sq.ft (2024)
• Palla Street S.No.70/1a1: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathi Nagar (Kallikuppam)

For a 1,000 sq.ft plot at the current rate of Rs 1,600 per sq.ft, the guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, totaling Rs 1,44,000. 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 precise calculations.

Which Sub Registrar Office covers Padmavathi Nagar (Kallikuppam)?

The Sub Registrar Office that covers Padmavathi Nagar (Kallikuppam) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korattur. It serves as the basis for calculating the stamp duty and registration fees that are required during the transaction.

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 ensures that the government receives the appropriate revenue from property transactions in the region.

Frequently asked questions

What is the current guideline value of Padmavathi Nagar (Kallikuppam)?

The current guideline value of Padmavathi Nagar (Kallikuppam) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 250 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 540%.

What are the stamp duty rates for property in Padmavathi Nagar?

The stamp duty rate for property transactions in Padmavathi Nagar is 7% of the guideline value or the sale price, whichever is higher.

Which office handles registrations for Padmavathi Nagar?

The Villivakkam Sub Registrar Office handles registrations for Padmavathi Nagar (Kallikuppam), located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

Where can I find more information about guideline values in Korattur?

More information about guideline values in Korattur can be accessed through the Registration Department's guideline value register (TNReginet) and local SRO resources.