Guideline Value for PADMAVATHI NAGAR 2ND STREET

Padmavathi Nagar 2nd Street guideline value

The current guideline value of Padmavathi Nagar 2nd Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Karambakkam village under the Chennai South Joint I SRO, with a land classification of Residential Class IV Type - I.

How the guideline value of Padmavathi Nagar 2nd Street has changed

The guideline value for Padmavathi Nagar 2nd Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which decreased to Rs 1,005 per sq.ft in the 2017 revision, marking a decline of 33%. However, the 2023 revision increased the value to Rs 1,500 per sq.ft, followed by a further increase to Rs 1,650 per sq.ft in the 2024 revision, reflecting a 10% rise from the previous year.

From the 2017 revision to the 2023 revision, the value increased by 49%. Overall, the guideline value has increased by 10% from the 2012 revision to the 2024 revision. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Karambakkam

In Karambakkam, there are 159 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 1,930 per sq.ft, placing Padmavathi Nagar 2nd Street's 2024 figure below that median.

• Padmavathi Nagar 3rd Street: Rs 1,650 per sq.ft (2024)
• Padmavathi Nagar 1st Street: Rs 1,650 per sq.ft (2024)
• Pathmavathy Nagar / Streets: Rs 1,650 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 1,650 per sq.ft (2024)
• Ponniamman Avenue: Rs 1,930 per sq.ft (2024)
• Ponni Nagar: Rs 1,930 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathi Nagar 2nd Street

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, bringing the total fees together 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.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padmavathi Nagar 2nd Street?

The Sub Registrar Office that covers Padmavathi Nagar 2nd Street is the Chennai South Joint I 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 details.

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

The guideline value is a critical component in the registration process when buying or selling property in Karambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the buyer must pay stamp duty based on the higher value between the guideline value and the sale price. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Padmavathi Nagar 2nd Street?

The current guideline value of Padmavathi Nagar 2nd Street 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 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Padmavathi Nagar 2nd Street?

Padmavathi Nagar 2nd Street is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Padmavathi Nagar 2nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Padmavathi Nagar 2nd Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is also applicable.