Guideline Value for Padmavathy Nagar 23th Cross Street

Padmavathy Nagar 23th Cross Street guideline value

The current guideline value of Padmavathy Nagar 23th 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, classified as Residential Special Type - III.

How the guideline value of Padmavathy Nagar 23th Cross Street has changed

The guideline value for Padmavathy Nagar 23th Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 2,010 per sq.ft, marking a decrease of 33%. In 2023, the value increased to Rs 3,000 per sq.ft, and the latest revision in 2024 raised it further to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%, bringing the value back to Rs 3,000 per sq.ft. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that the register has no figures for this street in the years 2002, 2003, and 2007.

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, placing Padmavathy Nagar 23th Cross Street's value above this median.

• Padmavathy Nagar 23rd Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 24th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 23rd Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 24th Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 22th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 24th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar 23th 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, charged at 7%, would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp 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 or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padmavathy Nagar 23th Cross Street?

The Sub Registrar Office covering Padmavathy Nagar 23th 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 an essential factor when registering property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transaction. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar 23th Cross Street?

The current guideline value of Padmavathy Nagar 23th 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 has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then back to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification of Padmavathy Nagar 23th Cross Street?

Padmavathy Nagar 23th Cross Street is classified as Residential Special Type - III.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

Which office handles registrations for Padmavathy Nagar 23th Cross Street?

The Selaiyur Sub Registrar Office handles registrations for Padmavathy Nagar 23th Cross Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.