Guideline Value for Padmasi Colony

Padmasi Colony guideline value

The current guideline value of Padmasi Colony, located in Porur village under the Kunrathur SRO, is Rs 2,860 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - III.

How the guideline value of Padmasi Colony has changed

The guideline value for Padmasi Colony has seen significant changes over the years. In 2002, the guideline value was Rs 217 per sq.ft. This increased to Rs 240 per sq.ft in 2003, marking an increase of 11%. By 2007, the value rose dramatically to Rs 600 per sq.ft, a 150% increase. The 2012 revision saw the value increase to Rs 2,600 per sq.ft, which was a substantial 333% rise from the previous figure. However, in 2017, the value decreased to Rs 1,742 per sq.ft, reflecting a decline of 33%. The guideline value then increased to Rs 2,600 per sq.ft in 2023, before reaching the current figure of Rs 2,860 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1218%. The register has no figures for the years between 2012 and 2017 for this street.

Guideline values in Porur

In Porur, there are 530 streets under the Kunrathur SRO that carry a guideline value for 2024, ranging from Rs 2,860 to Rs 6,380 per sq.ft. The median value for these streets is Rs 3,960 per sq.ft, making Padmasi Colony's current value below the median.

• Palayakara Stree - Lane: Rs 4,290 per sq.ft (2024)
• Palayakara Street: Rs 4,290 per sq.ft (2024)
• Officer Colony Pillaiyar Koil Street: Rs 4,950 per sq.ft (2024)
• Officer Colony Main Road: Rs 4,950 per sq.ft (2024)
• Officer Colony Lane: Rs 4,950 per sq.ft (2024)
• Officer Colony 3rd Cross Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Padmasi Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,860 per sq.ft, the total guideline value would be Rs 28,60,000. The stamp duty at 7% would amount to Rs 2,00,200, and the registration fee at 2% would be Rs 57,200, bringing the total cost for these fees to Rs 2,57,400. It is important to note that duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padmasi Colony?

The Sub Registrar Office that covers Padmasi Colony is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property in Porur, it is essential to be aware of the guideline value as it impacts the overall transaction costs. Buyers should consider the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Padmasi Colony?

The current guideline value of Padmasi Colony is Rs 2,860 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 217 per sq.ft in 2002 to Rs 2,860 per sq.ft in 2024, with various increases and decreases across the years.

What is the median guideline value in Porur?

The median guideline value for streets in Porur is Rs 3,960 per sq.ft, which is higher than the current value of Padmasi Colony.

What are the stamp duty and registration fees for property in Padmasi Colony?

For a 1,000 sq.ft plot, the total guideline value is Rs 28,60,000, with stamp duty at Rs 2,00,200 and registration fee at Rs 57,200, totaling Rs 2,57,400.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.