Guideline Value for Padasalai Street

Padasalai Street guideline value

The current guideline value of Padasalai Street in Mamallapuram village is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Thirukazhukundram SRO and is classified as Mixed Type - III land.

How the guideline value of Padasalai Street has changed

The guideline value for Padasalai Street has undergone several revisions over the years. In 2007, the value was set at Rs 350 per sq.ft, which increased to Rs 1,000 per sq.ft in 2012. However, this value decreased by 33% to Rs 670 per sq.ft in 2017. The next revision in 2023 saw an increase of 49%, bringing the value to Rs 1,000 per sq.ft, and the most recent revision in 2024 raised it further by 10% to Rs 1,100 per sq.ft. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Overall, from 2007 to 2024, the guideline value has increased by 214%. The changes reflect a significant rise in the value over the years, particularly from 2007 to 2012, which saw an increase of 186%, followed by a decrease in 2017. The subsequent revisions have seen consistent increases, culminating in the current value.

Guideline values in Mamallapuram

In Mamallapuram, there are 133 streets under the Thirukazhukundram SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 1,650 per sq.ft, with a median value of Rs 935 per sq.ft. Padasalai Street's 2024 figure of Rs 1,100 per sq.ft is above this median.

• Padasalai Cross Street 1,2,3,4,5,6,7: Rs 550 per sq.ft (2024)
• Padasalai Cross Street: Rs 550 per sq.ft (2024)
• Othavadai Street: Rs 1,485 per sq.ft (2024)
• Othavadai Cross Street: Rs 1,100 per sq.ft (2024)
• Othavadai 1st Cross Street: Rs 1,100 per sq.ft (2024)
• Old Arts Collage Road, East side, West side: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Padasalai Street

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value totals Rs 11,00,000. The stamp duty at 7% amounts to Rs 77,000, and the registration fee at 2% is Rs 22,000, bringing the total fees to Rs 99,000. It is important to note that the 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 further calculations.

Which Sub Registrar Office covers Padasalai Street?

The Sub Registrar Office covering Padasalai Street is the Thirukazhukundram Sub Registrar Office, located at Thiruchengode - 637 211, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Mamallapuram. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When a buyer or seller approaches the registration office, the guideline value helps ensure that the transaction is recorded at a fair value, reflecting the current market conditions for properties in the area. This value is essential for both parties to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Padasalai Street?

The current guideline value of Padasalai Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 350 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, showing an overall increase of 214% over the years.

What is the land classification for Padasalai Street?

Padasalai Street is classified as Mixed Type - III land, indicating a diverse use of the area.

Where can I find the Sub Registrar Office for Padasalai Street?

The Sub Registrar Office for Padasalai Street is the Thirukazhukundram Sub Registrar Office, located at Thiruchengode - 637 211, Chengalpattu registration zone.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 1,100 per sq.ft, the stamp duty amounts to Rs 77,000.