Guideline Value for PATHMAVATHY NAGAR / STREETS

Pathmavathy Nagar / Streets guideline value

The current guideline value for Pathmavathy Nagar / Streets is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Karambakkam village under the Chennai South Joint I SRO, classified as Residential Class IV Type - I.

How the guideline value of Pathmavathy Nagar / Streets has changed

The guideline value for Pathmavathy Nagar / Streets has undergone several revisions over the years. The 2007 revision set the value at Rs 500 per sq.ft, which increased significantly to Rs 1,500 per sq.ft in 2012, marking a 200% rise. However, the value then decreased to Rs 1,005 per sq.ft in 2017, reflecting a 33% drop. Following this, the value saw a substantial increase to Rs 1,500 per sq.ft in 2023, a 49% rise, before reaching the current figure of Rs 1,650 per sq.ft in 2024, which is a 10% increase from the previous year. The register has no figure for the years 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 230%. The revisions reflect the changing landscape of property values in the area, with each adjustment indicating shifts in the local real estate market.

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 value for these streets is Rs 1,930 per sq.ft, placing Pathmavathy Nagar / Streets' 2024 figure below that median.

• Padmavathi Nagar 3rd Street: Rs 1,650 per sq.ft (2024)
• Padmavathi Nagar 2nd Street: Rs 1,650 per sq.ft (2024)
• Padmavathi Nagar 1st Street: 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 Pathmavathy Nagar / Streets

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 16,50,000. The stamp duty at 7% amounts to Rs 1,15,500, and the registration fee at 2% is Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Pathmavathy Nagar / Streets?

The Sub Registrar Office that covers Pathmavathy Nagar / Streets 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 Karambakkam

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

When buying or selling property, both parties must consider the guideline value as it influences the financial aspects of the transaction. The final sale price should be aligned with or exceed this value to comply with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value for Pathmavathy Nagar / Streets?

The current guideline value for Pathmavathy Nagar / Streets 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 500 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, reflecting a total increase of 230% over the years.

What is the median guideline value in Karambakkam?

The median guideline value for streets in Karambakkam is Rs 1,930 per sq.ft, which is higher than the current value for Pathmavathy Nagar / Streets.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees amount to Rs 1,48,500.

Which office handles property registrations in this area?

The Chennai South Joint I Sub Registrar Office handles property registrations for Pathmavathy Nagar / Streets, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.