Guideline Value for Padel Street

Padel Street guideline value

The current guideline value of Padel Street, located in Adambakkam village under the Alandur SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - III land classification.

How the guideline value of Padel Street has changed

Since the 2002 revision, the guideline value for Padel Street has undergone significant changes. The register shows that in 2002, the value was Rs 253 per sq.ft, which increased to Rs 289 per sq.ft in 2003. Following this, the value rose dramatically to Rs 900 per sq.ft in 2007, and then further increased to Rs 3,500 per sq.ft in 2012. However, there was a decrease to Rs 2,345 per sq.ft in 2017, before rising again to Rs 3,500 per sq.ft in 2023. The latest revision in 2024 sees the guideline value at Rs 3,900 per sq.ft, marking an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1442%. The register has no figures for the years between these revisions, specifically from 2017 to 2023 and from 2012 to 2017.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, which is equal to the current guideline value of Padel Street.

• Pachiamman Koil Street: Rs 3,900 per sq.ft (2024)
• Palaru Street: Rs 3,900 per sq.ft (2024)
• Palaru Street (Bharathi Nagar): Rs 3,900 per sq.ft (2024)
• Palayathamman Street/Palayathan Street: Rs 3,900 per sq.ft (2024)
• Officers ColonyWest street: Rs 5,000 per sq.ft (2024)
• Officers Colony Middle street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Padel Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, while the registration fee at 2% would be Rs 78,000, bringing the total to Rs 3,51,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padel Street?

The Sub Registrar Office that covers Padel Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property in Adambakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value according to government standards.

When buying or selling property, the guideline value affects the stamp duty and registration fees that need to be paid. This ensures that both the buyer and seller are aware of the financial obligations associated with the transaction.

Frequently asked questions

What is the current guideline value of Padel Street?

The current guideline value of Padel Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 253 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 1442% over the years.

What is the land classification for Padel Street?

Padel Street is classified as Residential Class I Type - III, indicating its primary use for residential purposes.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in Padel Street?

Stamp duty for properties in Padel Street is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is also applicable.