Guideline Value for PADMAVATHY NAGAR

Padmavathy Nagar guideline value

The current guideline value of Padmavathy Nagar is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is located in Perungudi village, under the Neelankarai SRO, and is classified as Residential Special Type - IV.

How the guideline value of Padmavathy Nagar has changed

The guideline value for Padmavathy Nagar has undergone several revisions over the years. The 2012 revision set the guideline value at Rs 5,000 per sq.ft, which was a decrease of 33% from the Rs 3,350 per sq.ft set in the 2017 revision. The 2023 revision increased the value to Rs 5,000 per sq.ft, and the most recent 2024 revision raised it to Rs 5,500 per sq.ft, marking a 10% increase from the previous year.

For the years 2002, 2003, and 2007, the register has no figure for Padmavathy Nagar. Overall, from 2012 to 2024, the guideline value has increased by 10%, reflecting the changes in the area over time.

Guideline values in Perungudi

In Perungudi, there are 249 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Padmavathy Nagar's 2024 figure above that median.

• Panchayat Link Road & Extension: Rs 4,400 per sq.ft (2024)
• Panchayat Main Road 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Panchayat Netunchalai 1st Cross Street: Rs 4,400 per sq.ft (2024)
• Panchayat Netunchalai 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Panchayat Netunchalai (Main Salai Perungudi): Rs 4,400 per sq.ft (2024)
• Panchayat Office Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. Please note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Padmavathy Nagar?

The Sub Registrar Office that covers Padmavathy Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is an important factor in the registration process when buying or selling property in Perungudi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. 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?

The current guideline value of Padmavathy Nagar is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,000 per sq.ft in 2023 to Rs 5,500 per sq.ft in 2024, reflecting a 10% increase. From 2017 to 2023, it increased by 49%, while from 2012 to 2017, it decreased by 33%.

What is the land classification for Padmavathy Nagar?

Padmavathy Nagar is classified as Residential Special Type - IV, indicating its designation for residential purposes within the area.

What is the registration office for Padmavathy Nagar?

The registration office for Padmavathy Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at a rate of 7%.