Guideline Value for Padmavathi Nagar

Padmavathi Nagar guideline value

The current guideline value of Padmavathi Nagar is Rs 605 per sq.ft, effective from 1 July 2024. This area is located in Thirumangalam village and falls under the Sunguvarchattram SRO, classified as Residential Class IV Type - I.

How the guideline value of Padmavathi Nagar has changed

Over the years, the guideline value for Padmavathi Nagar has seen several revisions. The 2012 revision set the value at Rs 600 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 405 per sq.ft. The 2023 revision maintained the value at Rs 605 per sq.ft, showing no change from the previous year. The current 2024 revision also holds the value at Rs 605 per sq.ft, indicating a consistent rate from 2023.

From 2012 to 2024, the overall change in the guideline value is a modest increase of 1%. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Thirumangalam

In Thirumangalam, there are 42 streets under the Sunguvarchattram SRO that carry a 2024 guideline value ranging from Rs 250 to Rs 2,000 per sq.ft. The median value is Rs 605 per sq.ft, which aligns with the current guideline value of Padmavathi Nagar.

• Palkarar Street: Rs 600 per sq.ft (2024)
• Palla Street: Rs 700 per sq.ft (2024)
• Om Nagar: Rs 605 per sq.ft (2024)
• Pillaiayar Kovil Street: Rs 605 per sq.ft (2024)
• Naidu Street: Rs 250 per sq.ft (2024)
• Ponniamman Kovil Street: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 605 per sq.ft, the guideline value amounts to Rs 6,05,000. The stamp duty at 7% would be Rs 42,350, and the registration fee at 2% would be Rs 12,100, totaling Rs 54,450. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padmavathi Nagar?

The Sub Registrar Office that covers Padmavathi Nagar is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process of property transactions in Thirumangalam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on a standardized value.

When buying or selling property, the guideline value helps both parties understand the financial implications of the transaction. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations and to facilitate a smooth registration process.

Frequently asked questions

What is the current guideline value of Padmavathi Nagar?

The current guideline value of Padmavathi Nagar is Rs 605 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 605 per sq.ft from 2023 to 2024, with a significant increase of 49% from Rs 405 per sq.ft in 2017 to Rs 605 per sq.ft in 2023.

What is the land classification of Padmavathi Nagar?

Padmavathi Nagar is classified as Residential Class IV Type - I, which indicates its suitability for residential development.

Where can I find the Sub Registrar Office for Padmavathi Nagar?

The Sub Registrar Office for Padmavathi Nagar is located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone.

How is stamp duty calculated for properties in Padmavathi Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value of Rs 6,05,000 would incur a stamp duty of Rs 42,350 at 7%.