Guideline Value for Padmavathy Nagar 1st Street

Padmavathy Nagar 1st Street guideline value

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

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

The guideline value for Padmavathy Nagar 1st Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was set at Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in the 2017 revision. However, the most recent revision in 2024 has seen an increase to Rs 3,300 per sq.ft, marking a significant rise of 64% from the 2017 figure.

Between the 2012 and 2017 revisions, there was a decrease of 33%. Overall, comparing the figures from 2012 to 2024, there has been a modest increase of 10%. It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2023 for this street.

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. The median guideline value in this area is Rs 2,400 per sq.ft, making the guideline value of Padmavathy Nagar 1st Street above the median.

• Padmavathy Nagar 1st Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 20th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 1st Cross Street (Near Maruthi): Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 20th Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 19th Street: Rs 3,300 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total costs together to 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 details on costs.

Which Sub Registrar Office covers Padmavathy Nagar 1st Street?

Padmavathy Nagar 1st Street falls under 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 plays a crucial role in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted transparently and fairly.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the region.

Frequently asked questions

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

The current guideline value of Padmavathy Nagar 1st 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 has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, and then increased to Rs 3,300 per sq.ft in 2024. There are no recorded figures for the years 2002, 2003, 2007, and 2023 for this street.

What is the land classification for Padmavathy Nagar 1st Street?

Padmavathy Nagar 1st 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.

How is the stamp duty calculated for properties in Madambakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft property at the current guideline value, the total costs would include stamp duty and registration fees based on the guideline value.