Guideline Value for Padavattamman West Street

Padavattamman West Street guideline value

The current guideline value of Padavattamman West Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Chindadripet village under the Periamet SRO, classified as Residential Class IV Type - I.

How the guideline value of Padavattamman West Street has changed

The guideline value for Padavattamman West Street has undergone several revisions over the years. In 2007, the guideline value was Rs 700 per sq.ft, which increased significantly to Rs 2,300 per sq.ft in 2012. However, this figure dropped to Rs 1,541 per sq.ft in 2017 before rising to Rs 2,300 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 2,500 per sq.ft, marking a 9% increase from the previous year.

Between 2007 and 2024, the overall change in the guideline value is an increase of 257%. Notably, the value saw a remarkable increase of 229% from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017, and a substantial rise of 49% from 2017 to 2023. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Chindadripet

In Chindadripet, there are 98 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,500 to Rs 18,100 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Padavattamman West Street's 2024 figure below that median.

• Padavattamman south Street: Rs 2,500 per sq.ft (2024)
• Padavattamman lane: Rs 3,300 per sq.ft (2024)
• Padavattamman Koil street: Rs 3,300 per sq.ft (2024)
• Padavatamman Kovil 1st lane: Rs 3,300 per sq.ft (2024)
• Padavatamman Koil North Street: Rs 2,500 per sq.ft (2024)
• Padavatamman koil East Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Padavattamman West Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, while the registration fee at 2% would be Rs 50,000, leading to a total of Rs 2,25,000 for these charges. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations based on your specific property details.

Which Sub Registrar Office covers Padavattamman West Street?

The Sub Registrar Office that covers Padavattamman West Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Chindadripet. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When registering a property, the guideline value ensures that the transaction is recorded at a standard value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value for Padavattamman West Street?

The current guideline value for Padavattamman West Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 700 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, which is an overall increase of 257%.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000 and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Which office handles property registrations for Padavattamman West Street?

The Periamet Sub Registrar Office handles property registrations for Padavattamman West Street, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the guideline value determined for properties in Chindadripet?

The guideline value is determined based on various factors and is revised periodically by the Registration Department, ensuring that it reflects the current market conditions and property classifications.