Guideline Value for PADMAVATHI NAGAR MAIN ROAD

Padmavathi Nagar Main Road guideline value

The current guideline value of Padmavathi Nagar Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Jelandianpettai village under the Chennai South Joint I SRO and is classified as Commercial Class I Type - III.

How the guideline value of Padmavathi Nagar Main Road has changed

The guideline value for Padmavathi Nagar Main Road has undergone several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to the 2023 revision, the value increased significantly to Rs 3,000 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 3,300 per sq.ft, which represents a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a net increase of 10%.

Guideline values in Jelandianpettai

In Jelandianpettai, there are 248 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,320 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Padmavathi Nagar Main Road above this median with its current guideline value of Rs 3,300 per sq.ft.

• Pachaiamman Koil Street: Rs 1,650 per sq.ft (2024)
• Pallavan Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Pallavan Nagar 2nd Street: Rs 1,870 per sq.ft (2024)
• Pallavan Nagar 3rd Street: Rs 1,870 per sq.ft (2024)
• Pallavan Nagar 4th Street: Rs 1,870 per sq.ft (2024)
• Pallavan Nagar 5th Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathi Nagar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padmavathi Nagar Main Road?

The Sub Registrar Office that covers Padmavathi Nagar Main Road 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 information.

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

The guideline value plays a crucial role in the registration process of property transactions in Jelandianpettai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value is taken into account to calculate the applicable fees. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, which can impact the overall costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Padmavathi Nagar Main Road?

The current guideline value of Padmavathi Nagar Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for Padmavathi Nagar Main Road?

Padmavathi Nagar Main Road is classified as Commercial Class I Type - III.

Where can I find the registration office for this area?

The registration office for Padmavathi Nagar Main Road 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.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.