Guideline Value for PADMAVATHY NAGAR 2ND STREET

Padmavathy Nagar 2nd Street guideline value

The current guideline value of Padmavathy Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village, under the Pallavaram SRO. The land classification for this area is Residential Class II Type - I.

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

The guideline value for Padmavathy Nagar 2nd Street has seen several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 2,500 per sq.ft. This figure remained unchanged in the next revision in 2017, which saw a decrease to Rs 1,675 per sq.ft. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, followed by a further increase to Rs 2,750 per sq.ft in the 2024 revision, marking a 10% rise from the previous year.

There are no recorded guideline values for Padmavathy Nagar 2nd Street in the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Zaminpallavaram

Zaminpallavaram has a total of 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft as of 2024. The median guideline value for the area is Rs 3,300 per sq.ft, placing Padmavathy Nagar 2nd Street's 2024 value below this median.

• Padmavadhi Nagar: Rs 2,750 per sq.ft (2024)
• Palani Andavar Street: Rs 2,160 per sq.ft (2024)
• PALIMAR Nagar: Rs 2,160 per sq.ft (2024)
• Pachiappan Koil Street: Rs 2,160 per sq.ft (2024)
• Pachaiyappan Nagar Cross Street: Rs 2,160 per sq.ft (2024)
• Pachaiyappan Koil Street: Rs 2,160 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for stamp duty and registration would be Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Padmavathy Nagar 2nd Street?

The Sub Registrar Office covering Padmavathy Nagar 2nd Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, within the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role during property transactions in Zaminpallavaram. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. The value is set by the Registration Department and is updated periodically to reflect changes in the property market.

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

Frequently asked questions

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

The current guideline value of Padmavathy Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

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

The land classification for Padmavathy Nagar 2nd Street is Residential Class II Type - I.

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

The Sub Registrar Office for Padmavathy Nagar 2nd Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

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

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 27,50,000, the stamp duty would be Rs 1,92,500 at a rate of 7%.