Guideline Value for Padmavathy Nagar 24th Street

Padmavathy Nagar 24th Street guideline value

The current guideline value of Padmavathy Nagar 24th 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 it falls under the Residential Special Type - III land classification.

How the guideline value of Padmavathy Nagar 24th Street has changed

The guideline value for Padmavathy Nagar 24th Street has undergone several revisions over the years. The earliest recorded revision was in 2012, where the value was set at Rs 3,000 per sq.ft. This figure remained unchanged until the next revision in 2017, when it decreased to Rs 2,010 per sq.ft, reflecting a drop of 33%. In 2023, the guideline value increased significantly to Rs 3,000 per sq.ft, and further rose to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Between the 2017 and 2023 revisions, there was a notable increase of 49%. Overall, from the 2012 revision to the current 2024 figure, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register 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, with a median value of Rs 2,400 per sq.ft. The guideline value for Padmavathy Nagar 24th Street is above this median.

• Padmavathy Nagar 24th Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 25th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 24th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 25th Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 23th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 25th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar 24th 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 cost for these fees to 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 more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padmavathy Nagar 24th Street?

The Sub Registrar Office that covers Padmavathy Nagar 24th 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 details.

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

The guideline value is a crucial factor when registering property transactions in Madambakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized valuation rather than fluctuating market prices.

When buying or selling property, it is essential to be aware of the guideline value as it affects the overall cost of the transaction. Both buyers and sellers should ensure that they are informed about the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar 24th Street?

The current guideline value of Padmavathy Nagar 24th 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 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It decreased from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, before rising again to Rs 3,000 per sq.ft in 2023.

What is the land classification for Padmavathy Nagar 24th Street?

Padmavathy Nagar 24th Street falls under the Residential Special Type - III land classification.

Where is the Sub Registrar Office located?

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 property in this area?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applied to the same amount.