Guideline Value for Padmavathy Nagar 22nd Street

Padmavathy Nagar 22nd Street guideline value

The current guideline value of Padmavathy Nagar 22nd 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 22nd Street has changed

The guideline value for Padmavathy Nagar 22nd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was then reduced to Rs 2,010 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft as per the 2024 revision. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From the 2012 revision to the 2017 revision, there was a decrease of 33%. However, the value saw a substantial increase of 49% from 2017 to 2023. The latest revision from 2023 to 2024 reflects a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a guideline value for 2024, ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, making the current value of Padmavathy Nagar 22nd Street above this median.

• Padmavathy Nagar 22nd main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 22th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 21th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 23rd Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 21st Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 23rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar 22nd Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 33,00,000. The stamp duty at 7% amounts to Rs 2,31,000, and the registration fee at 2% is Rs 66,000, totaling Rs 2,97,000. 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 details.

Which Sub Registrar Office covers Padmavathy Nagar 22nd Street?

The Padmavathy Nagar 22nd Street falls under the jurisdiction of 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 property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Madambakkam, the guideline value is used to calculate the stamp duty and registration fees, ensuring that both parties adhere to the legal requirements set by the government.

It is essential for buyers and sellers to be aware of the guideline value, as it can impact the overall cost of the transaction. The registration office will refer to the guideline value to assess the appropriate fees, which are based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar 22nd Street?

The current guideline value of Padmavathy Nagar 22nd 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, then to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft as of 2024.

What are the stamp duty and registration fees for property in this area?

For a 1,000 sq.ft plot, the stamp duty is Rs 2,31,000 and the registration fee is Rs 66,000, totaling Rs 2,97,000 based on the current guideline value.

Which office handles property registrations for Padmavathy Nagar 22nd Street?

The Selaiyur Sub Registrar Office handles property registrations for Padmavathy Nagar 22nd Street, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it sets the minimum value for property registration, influencing the calculation of stamp duty and registration fees during transactions.