Guideline Value for Padmavathi Nagar

Padmavathi Nagar guideline value

The current guideline value of Padmavathi Nagar is Rs 1,102 per sq.ft, effective from 1 July 2024. This area is located in Puzhal village, under the jurisdiction of the Redhills SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Padmavathi Nagar has changed

The guideline value for Padmavathi Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 709 per sq.ft, which increased to Rs 72 per sq.ft in 2003. The value saw a significant rise to Rs 200 per sq.ft in 2007, followed by a substantial increase to Rs 700 per sq.ft in 2012. However, it decreased to Rs 469 per sq.ft in 2017. The value then rose sharply to Rs 1,000 per sq.ft in 2023, and currently stands at Rs 1,102 per sq.ft as of the 2024 revision.

Between these revisions, there were notable changes. From 2017 to 2023, the guideline value increased by 113%. The jump from 2007 to 2012 was 250%, while the decrease from 2012 to 2017 was 33%. The rise from 2003 to 2007 was 178%, and the drop from 2002 to 2003 was 90%. Overall, from 2002 to 2024, the guideline value has increased by 55%.

Guideline values in Puzhal

In Puzhal, there are 270 streets under the Redhills SRO, with the 2024 guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 1,102 per sq.ft, which is equal to the current value for Padmavathi Nagar.

• Padma Nagar: Rs 1,100 per sq.ft (2024)
• Padmanaba Nagar: Rs 1,100 per sq.ft (2024)
• P.A. Koil 2nd Street: Rs 2,420 per sq.ft (2024)
• P.A. Koil 3rd Street: Rs 2,420 per sq.ft (2024)
• P.A. Koil First Street: Rs 2,420 per sq.ft (2024)
• Othavaadai Street: Rs 1,650 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 1,102 per sq.ft, the total guideline value amounts to Rs 11,02,000. The stamp duty at 7% would be Rs 77,140, while the registration fee at 2% would be Rs 22,040, bringing the total cost for these fees to Rs 99,180. It is important to note that 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 Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Puzhal. It is used to determine the stamp duty and registration fees payable when buying or selling property. The guideline value serves as a benchmark for the minimum price at which a property can be registered, ensuring that all transactions are documented at a fair value.

When a buyer or seller approaches the registration office, the guideline value is assessed to calculate the applicable fees. This ensures transparency in property transactions and helps maintain a standard for property values in the area.

Frequently asked questions

What is the current guideline value of Padmavathi Nagar?

The current guideline value of Padmavathi Nagar is Rs 1,102 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 709 per sq.ft in 2002 to Rs 1,102 per sq.ft in 2024, reflecting various revisions over the years.

What is the land classification for Padmavathi Nagar?

The land classification for Padmavathi Nagar is Residential Class III Type - I, indicating 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 Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is the stamp duty calculated for properties in Padmavathi Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a total stamp duty and registration fee of Rs 99,180.