Guideline Value for Padmavathi Nagar, Sreenivasan Nagar

Padmavathi Nagar, Sreenivasan Nagar guideline value

The current guideline value of Padmavathi Nagar, Sreenivasan Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024. This area falls under Madipakkam-1 village and is classified as Residential Class I Type - I, governed by the Velacheri SRO.

How the guideline value of Padmavathi Nagar, Sreenivasan Nagar has changed

The guideline value has seen significant changes over the years. The 2017 revision set the value at Rs 2,345 per sq.ft, which increased to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% increase. The most recent revision in 2024 raised the value further to Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street in the register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, positioning Padmavathi Nagar, Sreenivasan Nagar above the median.

• Padmavathi Street, Sairam Avenue, Balaiya Garder: Rs 3,850 per sq.ft (2024)
• Padmavathiammal Street+: Rs 3,850 per sq.ft (2024)
• Palayamkoil Street: Rs 1,650 per sq.ft (2024)
• Pallavan Cross Street: Rs 2,200 per sq.ft (2024)
• Ottery Road 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Ottery Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathi Nagar, Sreenivasan Nagar

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 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.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padmavathi Nagar, Sreenivasan Nagar?

The Sub Registrar Office that covers Padmavathi Nagar, Sreenivasan Nagar 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 Madipakkam-1

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It determines the minimum value at which the property can be registered, ensuring that the transaction is documented at a fair price as per government standards.

When a property is sold, the buyer must pay stamp duty and registration fees based on 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, Sreenivasan Nagar?

The current guideline value of Padmavathi Nagar, Sreenivasan Nagar 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 increased from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, reflecting a total increase of 64% over this period.

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

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles property registrations in Padmavathi Nagar, Sreenivasan Nagar?

The Velacheri Sub Registrar Office handles property registrations in Padmavathi Nagar, Sreenivasan Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, with Padmavathi Nagar, Sreenivasan Nagar being above this median at Rs 3,850 per sq.ft.