Guideline Value for Padma Avenue

Padma Avenue guideline value

The current guideline value of Padma Avenue is Rs 1,000 per sq.ft, effective from 1 July 2024. This street is located in Nandhivaram village, under the Gooduvancheri SRO, and falls under the Residential Class II Type - I land classification.

How the guideline value of Padma Avenue has changed

The guideline value for Padma Avenue has undergone several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 79 per sq.ft. This increased significantly to Rs 328 per sq.ft in 2007, marking a 315% rise. In 2012, the value was set at Rs 1,000 per sq.ft, reflecting a substantial increase of 205%. However, this value dropped to Rs 670 per sq.ft in 2017, a decrease of 33%. The 2023 revision maintained the value at Rs 1,000 per sq.ft, and the same value continues into the 2024 revision, showing no change from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1166%. It is important to note that there is no figure for Padma Avenue in the 2003 revision.

Guideline values in Nandhivaram

Nandhivaram village has 169 streets under the Gooduvancheri SRO with a 2024 guideline value range from Rs 1,000 to Rs 3,500 per sq.ft. The median guideline value in this area is Rs 1,500 per sq.ft, placing Padma Avenue's 2024 figure below that median.

• Padmavathi Nagar 1 & 2: Rs 1,500 per sq.ft (2024)
• Padmavathi Nagar Extn. 1 & 2: Rs 1,500 per sq.ft (2024)
• Omsakthi Nagar: Rs 1,000 per sq.ft (2024)
• Om Sakthi Nagar: Rs 1,500 per sq.ft (2024)
• N.R.S. Nagar: Rs 1,500 per sq.ft (2024)
• N.P.R. Nagar: Rs 2,000 per sq.ft (2024)

Stamp duty and registration fee for property in Padma Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,000 per sq.ft, the total guideline value amounts to Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, bringing the total cost for these fees to Rs 90,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Padma Avenue?

The Sub Registrar Office that covers Padma Avenue is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Nandhivaram. It is used to determine the stamp duty and registration fees applicable when buying or selling property. The fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

When registering a property, the guideline value ensures that the transaction is documented at a fair value, reflecting the official valuation set by the government. This process helps maintain transparency and accountability in real estate dealings.

Frequently asked questions

What is the current guideline value of Padma Avenue?

The current guideline value of Padma Avenue is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 79 per sq.ft in 2002 to Rs 1,000 per sq.ft in 2024, with various fluctuations in between.

What is the median guideline value in Nandhivaram?

The median guideline value in Nandhivaram is Rs 1,500 per sq.ft, with Padma Avenue's value being below this median at Rs 1,000 per sq.ft.

What are the stamp duty and registration fees for property in Padma Avenue?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 10,00,000, the total fees would be Rs 90,000.

Where can I find the Sub Registrar Office for Padma Avenue?

The Gooduvancheri Sub Registrar Office covers Padma Avenue, located at Defence Colony Road, near Veterinary Hospital, Nandhivaram, Guduvancheri-603202, Chengalpattu registration zone.