Guideline Value for Padma Nagar

Padma Nagar guideline value

The current guideline value of Padma Nagar, located in Puzhal village under the Redhills SRO, is Rs 1,100 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Padma Nagar has changed

The guideline value of Padma Nagar has seen several revisions over the years. In 2002, the value was Rs 993 per sq.ft, which decreased to Rs 101 per sq.ft in 2003. Following this, the value significantly increased by 197% to Rs 300 per sq.ft in 2007. The upward trend continued with a 79% increase to Rs 536 per sq.ft in 2017, and then a substantial rise of 87% to Rs 1,000 per sq.ft in 2023. The latest revision in 2024 has set the guideline value at Rs 1,100 per sq.ft, marking a 10% increase from the previous year.

It is important to note that there is no figure for Padma Nagar in the 2012 revision. Overall, from 2002 to 2024, the guideline value has increased by 11%.

Guideline values in Puzhal

Puzhal village has a total of 270 streets under the Redhills SRO, with the 2024 guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 1,102 per sq.ft, indicating that Padma Nagar's 2024 figure is below this median.

• Padmavathi Nagar: Rs 1,102 per sq.ft (2024)
• Padmanaba Nagar: Rs 1,100 per sq.ft (2024)
• P.A. Koil 2nd Street: Rs 2,420 per sq.ft (2024)
• P.A. Koil 3rd Street: Rs 2,420 per sq.ft (2024)
• P.A. Koil First Street: Rs 2,420 per sq.ft (2024)
• Othavaadai Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Padma Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, while the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. It is important to note that the 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 Padma Nagar?

The Sub Registrar Office that covers Padma Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor during property registration in Puzhal. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When buying or selling property, understanding the guideline value helps in estimating the costs involved in the transaction. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during registration.

Frequently asked questions

What is the current guideline value of Padma Nagar?

The current guideline value of Padma Nagar 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 significantly, starting from Rs 993 per sq.ft in 2002, decreasing to Rs 101 per sq.ft in 2003, and then increasing to Rs 1,100 per sq.ft in 2024.

What is the land classification of Padma Nagar?

Padma Nagar is classified as Residential Class II Type - I, which indicates its suitability for residential development.

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

The Sub Registrar Office for Padma Nagar is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in Padma Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 at a rate of 7%.