Guideline Value for Padmavathi Nagar Extension 1st Street

Padmavathi Nagar Extension 1st Street guideline value

The current guideline value of Padmavathi Nagar Extension 1st 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 it falls under the Residential Class II Type - III land classification.

How the guideline value of Padmavathi Nagar Extension 1st Street has changed

The guideline value for Padmavathi Nagar Extension 1st Street has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 3,500 per sq.ft. In 2017, this value decreased to Rs 2,345 per sq.ft, marking a decline of 33%. However, in the latest 2024 revision, the guideline value increased significantly to Rs 3,850 per sq.ft, representing a 64% increase from the 2017 figure.

Overall, when comparing the 2012 and 2024 figures, there has been a slight increase of 10%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. The guideline value for Padmavathi Nagar Extension 1st Street is below this median.

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

Stamp duty and registration fee for property in Padmavathi Nagar Extension 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total 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 amount to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Padmavathi Nagar Extension 1st Street?

The Sub Registrar Office that covers Padmavathi Nagar Extension 1st 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 plays a crucial role in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the value of the property for the purpose of calculating stamp duty and registration fees. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to assess the applicable taxes, ensuring that the transaction is recorded accurately. This helps maintain transparency in property dealings and protects the interests of both parties involved in the transaction.

Frequently asked questions

What is the current guideline value of Padmavathi Nagar Extension 1st Street?

The current guideline value of Padmavathi Nagar Extension 1st 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 from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, and then increased to Rs 3,850 per sq.ft in 2024. There are no recorded figures for the years 2002, 2003, 2007, and 2023.

What is the land classification for Padmavathi Nagar Extension 1st Street?

Padmavathi Nagar Extension 1st Street falls under the Residential Class II Type - III land classification.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 38,50,000, with a stamp duty of Rs 2,69,500 and a registration fee of Rs 77,000, totaling Rs 3,46,500.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Padmavathi Nagar Extension 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.