Guideline Value for PLATINUM APARTMENTS (ESTATE ROAD)

Platinum Apartments (Estate Road) guideline value

The current guideline value of Platinum Apartments (Estate Road) is Rs 9,900 per sq.ft, effective from 1 July 2024. This property is located in Padi village, under the Villivakkam SRO, and falls under the Residential Special Type - II land classification.

How the guideline value of Platinum Apartments (Estate Road) has changed

The guideline value of Platinum Apartments has seen several revisions over the years. In the 2012 revision, the value was set at Rs 9,000 per sq.ft. However, it decreased to Rs 6,030 per sq.ft in the 2017 revision, marking a decline of 33%. The value then increased significantly to Rs 9,000 per sq.ft in the 2023 revision, and further rose to Rs 9,900 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Notably, there are no recorded figures for the years 2002, 2003, and 2007 for this street. The changes between the revisions highlight a significant increase of 49% from 2017 to 2023, followed by a 10% increase from 2023 to 2024.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with the 2024 guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing the guideline value of Platinum Apartments above this median.

• Pioneer Colony: Rs 13,100 per sq.ft (2024)
• PILLAIYAR KOIL STREET (After Coovam River): Rs 5,400 per sq.ft (2024)
• Ponniyamman Koil Street: Rs 2,500 per sq.ft (2024)
• Prashanthi Apartments: Rs 8,200 per sq.ft (2024)
• Periyar Nagar (Padikuppam): Rs 2,200 per sq.ft (2024)
• Periyar Nagar (Near Canal-Slums) & Peariyar Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Platinum Apartments (Estate Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value would be Rs 99,00,000. The stamp duty at 7% would amount to Rs 6,93,000, while the registration fee at 2% would be Rs 1,98,000. Together, the total cost for stamp duty and registration would be Rs 8,91,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Platinum Apartments (Estate Road)?

The Sub Registrar Office that covers Platinum Apartments (Estate Road) 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 Padi

The guideline value is a critical factor in the registration process of property transactions in Padi. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is sold or purchased.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. It is important for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Platinum Apartments (Estate Road)?

The current guideline value of Platinum Apartments (Estate Road) is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has changed as follows: it was Rs 9,000 in 2012, decreased to Rs 6,030 in 2017, increased to Rs 9,000 in 2023, and finally reached Rs 9,900 in 2024.

What is the land classification of Platinum Apartments (Estate Road)?

Platinum Apartments (Estate Road) is classified under the Residential Special Type - II land classification.

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.

How is stamp duty calculated for properties in Platinum Apartments (Estate Road)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 99,00,000, the stamp duty would be Rs 6,93,000 at 7%.