Guideline Value for Padmavathi Nagar Extn 1st Street

Padmavathi Nagar Extn 1st Street guideline value

The current guideline value of Padmavathi Nagar Extn 1st Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

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

The guideline value for Padmavathi Nagar Extn 1st Street has experienced significant changes over the years. In the 2017 revision, the value was Rs 2,345 per sq.ft. The latest revision in 2024 shows an increase to Rs 3,850 per sq.ft, marking a change of +64% from the previous figure.

There are no figures available for the years 2023, 2012, 2007, 2003, and 2002 in the register for this street.

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 value is Rs 4,400 per sq.ft, placing Padmavathi Nagar Extn 1st Street's 2024 figure below that median.

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

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

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, 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, totaling Rs 3,46,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

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

The Padmavathi Nagar Extn 1st Street is covered by 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

When buying or selling property in Velachery, the guideline value serves as a benchmark for determining the stamp duty and registration fees payable. It is essential for buyers and sellers to be aware of the guideline value as it directly impacts the overall cost of property transactions.

The registration process requires that the property be registered at the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

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

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

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, which is a change of +64%.

What are the registration fees for property in Padmavathi Nagar Extn 1st Street?

The registration fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Which Sub Registrar Office should I visit for property transactions in this area?

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

Are there other streets in Velachery with the same guideline value?

Yes, several other streets in Velachery have the same guideline value of Rs 3,850 per sq.ft for the year 2024, including Padmavathi Nagar Extn, Padmavathi Nagar Extn 2nd Cross Street, Padmavathi Nagar Extn 2nd Street, Padmavathi Nagar Extn 4th Street, and Padmavathi Nagar 4th Street.