Guideline Value for Padmavathi Nagar

Padmavathi Nagar guideline value

The current guideline value of Padmavathi Nagar is Rs 840 per sq.ft, effective from 1 July 2024. This area is located in Gowrivakkam village under the Selaiyur SRO, classified as Residential Class IV Type - I.

How the guideline value of Padmavathi Nagar has changed

The guideline value for Padmavathi Nagar has undergone several revisions over the years. The earliest recorded value was Rs 200 per sq.ft in 2007. This increased significantly to Rs 500 per sq.ft in 2012, but then decreased to Rs 335 per sq.ft in 2017. The value rose again to Rs 500 per sq.ft in 2023, before reaching the current rate of Rs 840 per sq.ft in 2024. There are no figures available for the years 2002 and 2003.

Between the revisions, the changes were notable. From 2007 to 2012, there was a 150% increase, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023 and saw a significant rise of 68% from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has increased by 320%.

Guideline values in Gowrivakkam

In Gowrivakkam, there are 130 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 840 to Rs 3,750 per sq.ft, with a median value of Rs 2,200 per sq.ft. Padmavathi Nagar's current value is below this median.

• Palaniappa Nagar: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 1st Main road: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Palaniappa Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 840 per sq.ft, the total guideline value would be Rs 8,40,000. The stamp duty at 7% would amount to Rs 58,800, and the registration fee at 2% would be Rs 16,800, totaling Rs 75,600. 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 information.

Which Sub Registrar Office covers Padmavathi Nagar?

The Sub Registrar Office that covers Padmavathi Nagar 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 Gowrivakkam

The guideline value is a crucial factor during the registration of property transactions in Gowrivakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps in determining the minimum price at which a property can be registered. This ensures transparency and fairness in property transactions, as it prevents undervaluation of properties during registration.

Frequently asked questions

What is the current guideline value of Padmavathi Nagar?

The current guideline value of Padmavathi Nagar is Rs 840 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 200 per sq.ft in 2007 to Rs 840 per sq.ft in 2024, marking a total increase of 320% over the years.

What is the land classification for Padmavathi Nagar?

Padmavathi Nagar is classified as Residential Class IV Type - I, indicating its suitability for residential purposes.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated in Padmavathi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a plot valued at Rs 8,40,000, the stamp duty would be Rs 58,800 at 7%.