Guideline Value for Padma Nagar

Padma Nagar guideline value

The current guideline value of Padma Nagar is Rs 4,400 per sq.ft, effective from 1 July 2024. This locality is situated in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Padma Nagar has changed

Over the years, the guideline value of Padma Nagar has seen significant changes. The earliest recorded revision was in 2003, where the value was Rs 316 per sq.ft. This figure increased to Rs 900 per sq.ft in 2007, marking a substantial rise of 185%. The value remained unchanged at Rs 900 per sq.ft until the next revision in 2012, which saw a considerable jump to Rs 4,000 per sq.ft, reflecting an increase of 344%. This value was maintained through the 2023 revision, where it remained at Rs 4,000 per sq.ft. However, in the latest 2024 revision, the guideline value rose to Rs 4,400 per sq.ft, representing a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002 and 2017 for this street. Overall, from 2003 to 2024, the guideline value has increased by 1,292%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of Padma Nagar is above this median, indicating its relative position within the locality.

• Padmavathi Nagar: Rs 4,400 per sq.ft (2024)
• N.V.M. Nagar: Rs 2,700 per sq.ft (2024)
• Paper Mills Road: Rs 6,000 per sq.ft (2024)
• Paruindevi Amman Nagar: Rs 3,300 per sq.ft (2024)
• Parvathi Nagar: Rs 2,700 per sq.ft (2024)
• Parvathy Amman Nagar: Rs 2,700 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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, these fees would total Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Padma Nagar?

The Sub Registrar Office that covers Padma Nagar is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Kolathur. It serves as the basis for determining the stamp duty and registration fees, which are mandatory for all property sales. Buyers and sellers must be aware of the current guideline value to ensure compliance with the legal requirements during the transaction process.

When a property is sold, the guideline value helps in establishing a fair price for the property. It ensures that the government receives the appropriate revenue from property transactions through stamp duty and registration fees. Thus, understanding the guideline value is essential for anyone looking to buy or sell property in Kolathur.

Frequently asked questions

What is the current guideline value of Padma Nagar?

The current guideline value of Padma Nagar is Rs 4,400 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 316 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 1,292% over this period.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office covers Padma Nagar?

The Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011, covers Padma Nagar.

What is the land classification for Padma Nagar?

The land classification for Padma Nagar is Residential Special Type - I, indicating its designated use for residential purposes.