Guideline Value for Padmavathi Nagar 3rd Street

Padmavathi Nagar 3rd Street guideline value

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

How the guideline value of Padmavathi Nagar 3rd Street has changed

Since the 2017 revision, the guideline value has seen significant changes. The value was Rs 2,345 per sq.ft in 2017, which increased to Rs 3,500 per sq.ft in 2023, marking a 49% rise. The current revision for 2024 shows an increase to Rs 3,850 per sq.ft, which is a further 10% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value across these streets is Rs 4,400 per sq.ft, positioning Padmavathi Nagar 3rd Street's guideline value below this median.

• Padmavathi Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Padmavathi Nagar 4th Street: Rs 3,850 per sq.ft (2024)
• Padmavathi Nagar Extension 1st Street: Rs 3,850 per sq.ft (2024)
• Padmavathi Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Padmavathi Nagar Extn: Rs 3,850 per sq.ft (2024)
• Padmavathi Nagar Extn 1st Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathi Nagar 3rd Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. Duty is charged on the higher of the guideline value and the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padmavathi Nagar 3rd Street?

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

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

The guideline value is an essential factor when registering property transactions in Velachery. It helps determine the stamp duty and registration fees that buyers and sellers need to pay during the registration process.

When a property is bought or sold, the guideline value serves as a benchmark to ensure that the transaction is recorded at a fair value. This value is used to calculate the applicable taxes and fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Padmavathi Nagar 3rd Street?

The current guideline value of Padmavathi Nagar 3rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, which is a total increase of 64% over these years.

What is the land classification for Padmavathi Nagar 3rd Street?

Padmavathi Nagar 3rd Street is classified as Residential Class II Type - III, indicating its designation for residential use.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees can amount to Rs 3,46,500.