Guideline Value for Padmavathi Nagar

Padmavathi Nagar guideline value

The current guideline value of Padmavathi Nagar is Rs 440 per sq.ft, effective from 1 July 2024. This area is located in Vilangadupakkam village, under the Redhills SRO, and is classified as 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. The earliest recorded figure is from 2003, where the value was Rs 20 per sq.ft. This increased significantly to Rs 200 per sq.ft in 2007, marking a 900% rise. Following this, the value doubled to Rs 400 per sq.ft in 2012, but then decreased by 33% to Rs 268 per sq.ft in 2017. The value saw a substantial increase of 49% to Rs 400 per sq.ft in 2023, before reaching the current value of Rs 440 per sq.ft in 2024, which is a 10% increase from the previous year. It is important to note that the register has no figure for this street in 2002.

Overall, from 2003 to 2024, the guideline value has increased by 2100%. The revisions reflect the changing landscape and valuation of properties in the area, with the current value aligning with the median guideline value of Rs 440 per sq.ft for the 160 streets in Vilangadupakkam under the Redhills SRO.

Guideline values in Vilangadupakkam

In Vilangadupakkam, the guideline values for various streets range from Rs 365 to Rs 1,792 per sq.ft, with a median value of Rs 440 per sq.ft. Padmavathi Nagar's 2024 figure matches this median.

• Padmavathi Garden: Rs 440 per sq.ft (2024)
• Padma Nagar: Rs 440 per sq.ft (2024)
• Omm Lakshme Nagar Annex-II: Rs 820 per sq.ft (2024)
• Omm Lakshme Nagar Annexe: Rs 550 per sq.ft (2024)
• Om Lakshmi Nagar Part - I: Rs 440 per sq.ft (2024)
• Papammal Avenue Annex: Rs 440 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 440 per sq.ft, the total guideline value amounts to Rs 4,40,000. The stamp duty at 7% would be Rs 30,800, and the registration fee at 2% would be Rs 8,800, bringing the total fees together to Rs 39,600. 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?

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 Vilangadupakkam

The guideline value is a crucial factor when registering property transactions in Vilangadupakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties in the transaction are aware of the financial obligations that arise from the sale, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Padmavathi Nagar?

The current guideline value of Padmavathi Nagar is Rs 440 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 20 per sq.ft in 2003 to Rs 440 per sq.ft in 2024, reflecting an overall increase of 2100% over the years.

What are the other streets with the same guideline value in Vilangadupakkam?

Other streets in Vilangadupakkam with the same guideline value of Rs 440 per sq.ft include Padmavathi Garden, Padma Nagar, Om Lakshmi Nagar Part - I, and Papammal Avenue Annex.

What are the stamp duty and registration fees for a property in Padmavathi Nagar?

For a property valued at Rs 4,40,000, the stamp duty would be Rs 30,800, and the registration fee would be Rs 8,800, totaling Rs 39,600.

Where is the Sub Registrar Office for Padmavathi Nagar located?

The Sub Registrar Office for Padmavathi Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.