Guideline Value for Padmagiri Nagar (Ward 2 )

Padmagiri Nagar (Ward 2 ) guideline value

The current guideline value of Padmagiri Nagar (Ward 2) is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Padmagiri Nagar (Ward 2 ) has changed

The guideline value of Padmagiri Nagar has seen several revisions over the years. In 2012, the value was set at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the 2023 revision brought the value back up to Rs 2,000 per sq.ft, and the most recent revision in 2024 set it at Rs 2,200 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Between the revisions, there have been significant changes. From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The change from 2023 to 2024 is a 10% increase, resulting in an overall increase of 10% from 2012 to 2024.

Guideline values in Madhavaram

The guideline values for streets in Madhavaram vary significantly, with the 2024 figures ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value in this area is Rs 1,600 per sq.ft, placing Padmagiri Nagar's 2024 figure above this median.

• Padmavathi Nagar 1st Main Road (Ward No.15): Rs 2,200 per sq.ft (2024)
• Padmavathi Nagar 2nd Main Road (Ward No.15): Rs 2,200 per sq.ft (2024)
• Padmavathi Nagar Extension: Rs 2,200 per sq.ft (2024)
• Padavattamman Koil St (Ward No.1): Rs 1,300 per sq.ft (2024)
• Padavattamman Koil St South (Ward No.1): Rs 1,300 per sq.ft (2024)
• Padmavathi Nagar Main Rd 1st Cross St (Ward No.15): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Padmagiri Nagar (Ward 2 )

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would amount to Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padmagiri Nagar (Ward 2 )?

The Sub Registrar Office that covers Padmagiri Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Madhavaram. It is used to determine the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately and fairly.

When buying or selling property, the guideline value is considered for calculating the stamp duty and registration fees. This ensures that all parties are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of Padmagiri Nagar (Ward 2)?

The current guideline value of Padmagiri Nagar (Ward 2) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Padmagiri Nagar?

Padmagiri Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where is the Sub Registrar Office for Padmagiri Nagar located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it covers Padmagiri Nagar (Ward 2).