Guideline Value for Padmavathi Salai @ Jaipur Colony

Padmavathi Salai @ Jaipur Colony guideline value

The current guideline value of Padmavathi Salai @ Jaipur Colony is Rs 15,400 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village, under the Chennai Central Joint I SRO, and is classified as Commercial Special Type - II.

How the guideline value of Padmavathi Salai @ Jaipur Colony has changed

The guideline value for Padmavathi Salai has undergone several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. The most recent revisions show that in 2023, the guideline value was Rs 14,000 per sq.ft, which increased by 10% to Rs 15,400 per sq.ft in the 2024 revision.

Prior to the 2023 revision, the last recorded figure was from 2024, which reflects a significant increase in value. This upward adjustment indicates a notable change in the guideline value over the past year.

Guideline values in Mylapore Part 2

Within Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Padmavathi Salai's current figure above this median.

• Pachiappan Naicken street: Rs 8,700 per sq.ft (2024)
• Olitta Rajani Road: Rs 8,700 per sq.ft (2024)
• Parasuram Nagar (North South): Rs 8,700 per sq.ft (2024)
• Parthasarathy Avenue: Rs 8,700 per sq.ft (2024)
• Parthasarathy Pettai Street: Rs 8,700 per sq.ft (2024)
• North Gopalapuram 2nd Street: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathi Salai @ Jaipur Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 15,400 per sq.ft, the total guideline value amounts to Rs 1,54,00,000. The stamp duty at 7% would be Rs 10,78,000, and the registration fee at 2% would be Rs 3,08,000, totaling Rs 13,86,000. 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 detailed calculations.

Which Sub Registrar Office covers Padmavathi Salai @ Jaipur Colony?

The Sub Registrar Office that covers Padmavathi Salai @ Jaipur Colony is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is a crucial factor in property transactions within Mylapore Part 2. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the financial implications of the transaction. It is essential for buyers to be aware of the current guideline value to avoid underreporting the sale price, which could lead to penalties.

Frequently asked questions

What is the current guideline value of Padmavathi Salai @ Jaipur Colony?

The current guideline value of Padmavathi Salai @ Jaipur Colony is Rs 15,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 14,000 per sq.ft in 2023 to Rs 15,400 per sq.ft in 2024, representing a 10% increase. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017.

What are the stamp duty and registration fees for properties here?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft property, the total cost would be Rs 13,86,000.

Where is the Sub Registrar Office for Padmavathi Salai @ Jaipur Colony?

The Sub Registrar Office covering Padmavathi Salai @ Jaipur Colony is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

What is the land classification for Padmavathi Salai @ Jaipur Colony?

Padmavathi Salai @ Jaipur Colony is classified as Commercial Special Type - II under the Chennai Central Joint I SRO.