Guideline Value for Padmavathy Nagar 1st Cross Street

Padmavathy Nagar 1st Cross Street guideline value

The current guideline value of Padmavathy Nagar 1st Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - III.

How the guideline value of Padmavathy Nagar 1st Cross Street has changed

The guideline value for Padmavathy Nagar 1st Cross Street has undergone several revisions over the years. The oldest recorded revision was in 2002, but the register has no figure for this street in that year. The next revision occurred in 2003, followed by 2007, with no figures available for these years as well. In 2012, the guideline value was set at Rs 3,000 per sq.ft. This figure remained until the latest revision in 2024, which increased the guideline value to Rs 3,300 per sq.ft, marking a 10% increase from 2012 to 2024.

Additionally, there were revisions in 2017 and 2023, but the register has no figure for this street in those years. The current guideline value of Rs 3,300 per sq.ft reflects the most recent update and positions this street above the median guideline value in the village.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. The guideline value of Padmavathy Nagar 1st Cross Street is above this median.

• Padmavathy Nagar 19th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 1st Cross Street (Near Maruthi): Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 19th Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 1st Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 19th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, the total cost for duty and registration would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Padmavathy Nagar 1st Cross Street?

The Sub Registrar Office that covers Padmavathy Nagar 1st Cross Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction. The guideline value ensures that property transactions are recorded at a fair value, which helps in maintaining transparency in the real estate market.

When a buyer or seller approaches the Sub Registrar Office for registration, the guideline value is assessed to calculate the applicable fees. This value is used to ensure that the transaction is compliant with local regulations and that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar 1st Cross Street?

The current guideline value of Padmavathy Nagar 1st Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value changed from Rs 3,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase. There are no recorded figures for the years 2002, 2003, 2007, 2017, and 2023 for this street.

What is the land classification of Padmavathy Nagar 1st Cross Street?

Padmavathy Nagar 1st Cross Street is classified as Residential Special Type - III. This classification indicates the type of development and usage permitted in the area.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. This office handles property registrations in the area.

How is stamp duty calculated for properties in Padmavathy Nagar 1st Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value would be Rs 33,00,000, leading to a stamp duty of Rs 2,31,000.