Guideline Value for PADMAVATHI NAGAR

Padmavathi Nagar guideline value

The current guideline value of Padmavathi Nagar is Rs 2,500 per sq.ft, effective from 1 July 2024. This area is located in Korattur village, under the Villivakkam Sub Registrar Office (SRO). The land classification for this street is Residential Class II Type - III.

How the guideline value of Padmavathi Nagar has changed

The guideline value of Padmavathi Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 82 per sq.ft, which increased to Rs 375 per sq.ft in 2007, marking a substantial rise of 357%. The value then jumped to Rs 2,300 per sq.ft in 2012, reflecting a remarkable increase of 513%. However, it dropped to Rs 1,541 per sq.ft in 2017, a decrease of 33%. The value further increased to Rs 2,300 per sq.ft in 2023, showing a rise of 49%, before reaching the current value of Rs 2,500 per sq.ft in 2024, which is a 9% increase.

The register has no figure for this street in 2003. Overall, from 2002 to 2024, the guideline value has increased by 2,949%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value is Rs 2,500 per sq.ft, which is equal to the guideline value of Padmavathi Nagar for 2024.

• Padmavathi Nagar (Kallikuppam): Rs 1,600 per sq.ft (2024)
• Padavattamman 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)
• 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

For a 1,000 sq.ft plot at the current rate of Rs 2,500 per sq.ft, the guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, while the registration fee at 2% would be Rs 50,000, bringing the total to Rs 2,25,000. 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 Padmavathi Nagar?

The Sub Registrar Office that covers Padmavathi Nagar 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 is crucial when registering property transactions in Korattur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that transactions reflect a fair value based on government assessments.

When buying or selling property, the guideline value will be used to calculate applicable stamp duties and registration fees. This ensures that the registration process is transparent and standardized across the region.

Frequently asked questions

What is the current guideline value of Padmavathi Nagar?

The current guideline value of Padmavathi Nagar is Rs 2,500 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 82 per sq.ft in 2002 to Rs 2,500 per sq.ft in 2024, reflecting an overall increase of 2,949% over this period.

What are the other streets in Korattur with their guideline values?

Other streets in Korattur include Padmavathi Nagar (Kallikuppam) at Rs 1,600 per sq.ft, Padavattamman Nagar at Rs 1,600 per sq.ft, Palaniappa Nagar at Rs 2,100 per sq.ft, Palanimalai Nagar at Rs 2,700 per sq.ft, and Palla Street at Rs 2,500 per sq.ft.

How is stamp duty calculated for properties in Padmavathi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 at a rate of 7%.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.