Guideline Value for Padmavathi Nagar

Padmavathi Nagar guideline value

The current guideline value of Padmavathi Nagar, located in Noombal village, is Rs 2,090 per sq.ft, effective from 1 July 2024. This area falls under the Kunrathur SRO and is classified as Residential Special Type - I.

How the guideline value of Padmavathi Nagar has changed

The guideline value for Padmavathi Nagar has seen significant changes over the years. In the 2003 revision, the value was set at Rs 171 per sq.ft. This figure rose dramatically to Rs 1,273 per sq.ft in the 2017 revision, marking an increase of 644%. Following this, the guideline value increased to Rs 1,900 per sq.ft in 2023, reflecting a 49% rise from the previous revision. The latest revision in 2024 has set the guideline value at Rs 2,090 per sq.ft, which is a 10% increase from 2023.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 1,122%. It is important to note that there are no figures available for the years 2002, 2007, and 2012 for this street.

Guideline values in Noombal

Noombal village has a total of 164 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,500 per sq.ft. The median guideline value in this area is Rs 2,090 per sq.ft, which is equal to the current value of Padmavathi Nagar. Below are the guideline values for other streets in Noombal:

• Pada Salai Street: Rs 2,090 per sq.ft (2024)
• Othavadai Street: Rs 2,090 per sq.ft (2024)
• Pallikuppam Kuruku Street: Rs 2,090 per sq.ft (2024)
• Pallikuppam Mayana Road: Rs 2,090 per sq.ft (2024)
• Pallikuppam Perumal Cross Road: Rs 2,090 per sq.ft (2024)
• Pallikuppam Perumal Koil Street: Rs 2,090 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 2,090 per sq.ft, the guideline value amounts to Rs 20,90,000. The stamp duty at 7% would be Rs 1,46,300, and the registration fee at 2% would be Rs 41,800, making the total Rs 1,88,100. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Padmavathi Nagar?

The Sub Registrar Office that covers Padmavathi Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Noombal. It serves as a benchmark for determining the minimum value of a property, ensuring that the transaction is recorded at a fair value as per the government regulations.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both the buyer and seller adhere to the legal requirements set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Padmavathi Nagar?

The current guideline value of Padmavathi Nagar is Rs 2,090 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2003, the guideline value has increased significantly from Rs 171 per sq.ft to Rs 2,090 per sq.ft in 2024, which is an overall increase of 1,122%.

What is the land classification of Padmavathi Nagar?

Padmavathi Nagar is classified as Residential Special Type - I, indicating its suitability for residential development.

Where can I find the Kunrathur Sub Registrar Office?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated in Padmavathi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 20,90,000, the stamp duty would be Rs 1,46,300 at a rate of 7%.