Guideline Value for Padma Prabhu Nagar Main Road

Padma Prabhu Nagar Main Road guideline value

The current guideline value of Padma Prabhu Nagar Main Road is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, classified as Residential Class II Type - I.

How the guideline value of Padma Prabhu Nagar Main Road has changed

The guideline value for Padma Prabhu Nagar Main Road has undergone several revisions over the years. In 2012, the guideline value was set at Rs 1,500 per sq.ft. This value remained unchanged until the 2017 revision, which saw a decrease to Rs 1,005 per sq.ft. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, and further rose to Rs 1,600 per sq.ft in 2024, marking a 7% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a modest increase of 7%. The changes from 2017 to 2023 reflect a substantial increase of 49%, while the 2012 to 2017 period experienced a decrease of 33%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO carrying a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, positioning Padma Prabhu Nagar Main Road's 2024 figure below that median.

• Padhuvancheri Vinayagar Koil Street: Rs 1,100 per sq.ft (2024)
• Padmavathi Nagar Extn 10th Cross Street: Rs 3,300 per sq.ft (2024)
• Padhuvancheri Sudalai Road: Rs 1,600 per sq.ft (2024)
• Padmavathi Nagar Extn 11th Cross Street: Rs 3,300 per sq.ft (2024)
• Padhuvancheri Road: Rs 2,700 per sq.ft (2024)
• Padhuvancheri Mettu Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padma Prabhu Nagar Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total cost for these fees to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padma Prabhu Nagar Main Road?

The Sub Registrar Office that covers Padma Prabhu Nagar Main Road is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government collects appropriate stamp duty and registration fees based on this value.

When a property is sold, the buyer and seller must consider the guideline value to avoid any discrepancies during registration. This value ensures transparency and fairness in property transactions, safeguarding the interests of both parties involved.

Frequently asked questions

What is the current guideline value of Padma Prabhu Nagar Main Road?

The current guideline value of Padma Prabhu Nagar Main Road is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

What is the land classification for Padma Prabhu Nagar Main Road?

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

How is stamp duty calculated for property in Padma Prabhu Nagar Main Road?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would amount to Rs 1,12,000.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. You can find more information online.