Guideline Value for Padmavathi Nagar Extn 3rd Cross Street

Padmavathi Nagar Extn 3rd Cross Street guideline value

The current guideline value of Padmavathi Nagar Extn 3rd Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, classified as Residential Special Type - III.

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

The guideline value for Padmavathi Nagar Extn 3rd Cross Street has undergone several revisions over the years. The earliest recorded revision was in 2002, but the register has no figure for this street in it for the years 2003, 2007, 2017, and 2023. The 2012 revision set the guideline value at Rs 3,000 per sq.ft, which was then increased to Rs 3,300 per sq.ft in the 2024 revision, reflecting a change of +10% from the previous figure.

In summary, the guideline value has increased from Rs 3,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024. This increase places the current value above the median guideline value of Rs 2,400 per sq.ft for other streets in Madambakkam under the Selaiyur SRO.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets registered under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value is Rs 2,400 per sq.ft, making the current value of Padmavathi Nagar Extn 3rd Cross Street above this median.

• Padmavathi Nagar Extn 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathi Nagar Extn 4th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathi Nagar Extn 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathi Nagar Extn 5th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathi Nagar Extn 12th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathi Nagar Extn 8th Cross Street: Rs 3,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padmavathi Nagar Extn 3rd Cross Street?

The Sub Registrar Office that covers Padmavathi Nagar Extn 3rd Cross Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process for property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, it is essential to consider the guideline value, as it influences the stamp duty and registration fees that must be paid. Buyers should ensure that the sale price is equal to or higher than the guideline value to avoid any issues during registration.

Frequently asked questions

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

The current guideline value of Padmavathi Nagar Extn 3rd Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, a +10% increase. The register has no figures for the years 2003, 2007, 2017, and 2023.

What is the median guideline value in Madambakkam?

The median guideline value in Madambakkam is Rs 2,400 per sq.ft. The guideline value of Padmavathi Nagar Extn 3rd Cross Street is above this median.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000. These fees are calculated based on the higher of the guideline value or the sale price.

Which office handles registrations for Padmavathi Nagar Extn 3rd Cross Street?

The Selaiyur Sub Registrar Office handles registrations for Padmavathi Nagar Extn 3rd Cross Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.