Guideline Value for Padmavathi Nagar Extn 2nd Street

Padmavathi Nagar Extn 2nd Street guideline value

The current guideline value of Padmavathi Nagar Extn 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, classified as Residential Class II Type - III.

How the guideline value of Padmavathi Nagar Extn 2nd Street has changed

Looking back at the revisions, the guideline value for Padmavathi Nagar Extn 2nd Street has seen significant changes over the years. In 2012, the guideline value was Rs 3,500 per sq.ft, which decreased to Rs 2,345 per sq.ft in 2017. The value then increased to Rs 3,500 per sq.ft in 2023, and subsequently rose to Rs 3,850 per sq.ft in 2024, marking a 10% increase from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 10%.

For the years 2002, 2003, and 2007, the register has no figure for Padmavathi Nagar Extn 2nd Street. The 2017 revision saw a 49% increase from the 2017 figure to the 2023 figure, while the 2012 to 2017 period experienced a decrease of 33% in the guideline value.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, placing Padmavathi Nagar Extn 2nd Street's 2024 figure below that median.

• Padmavathi Nagar Extn 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• Padmavathi Nagar Extn 4th Street: Rs 3,850 per sq.ft (2024)
• Padmavathi Nagar Extn 1st Street: Rs 3,850 per sq.ft (2024)
• Padmavathi Nagar Extn 5th Street: Rs 3,850 per sq.ft (2024)
• Padmavathi Nagar Extn: Rs 3,850 per sq.ft (2024)
• Padmavathi Nagar Extn/Azhagappa Nagar (Anna University): Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathi Nagar Extn 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost for these fees to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Padmavathi Nagar Extn 2nd Street?

The Sub Registrar Office that covers Padmavathi Nagar Extn 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Velachery. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency and standardization in property dealings.

When buying or selling a property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory costs in the transaction process. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Padmavathi Nagar Extn 2nd Street?

The current guideline value of Padmavathi Nagar Extn 2nd Street is Rs 3,850 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 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then back to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What is the land classification for Padmavathi Nagar Extn 2nd Street?

Padmavathi Nagar Extn 2nd Street is classified as Residential Class II Type - III, indicating its use for residential purposes.

What are the stamp duty and registration fees for properties in this area?

For a property valued at the current guideline value of Rs 3,850 per sq.ft, the stamp duty would be 7% of the guideline value, and the registration fee would be 2%. Together, these fees would total Rs 3,46,500 for a 1,000 sq.ft plot.

Which office handles registrations for Padmavathi Nagar Extn 2nd Street?

The Velacheri Sub Registrar Office handles registrations for Padmavathi Nagar Extn 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.