Guideline Value for Padmavathy Nagar 26th Street

Padmavathy Nagar 26th Street guideline value

The current guideline value of Padmavathy Nagar 26th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Special Type - III.

How the guideline value of Padmavathy Nagar 26th Street has changed

Over the years, the guideline value of Padmavathy Nagar 26th Street has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which was a decrease of 33% from the previous revision in 2017, where the value was Rs 2,010 per sq.ft. The 2023 revision increased the value to Rs 3,000 per sq.ft, and the latest revision in 2024 has further increased it to Rs 3,300 per sq.ft, representing a 10% rise from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madambakkam

In Madambakkam, there are a total of 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value across these streets is Rs 2,400 per sq.ft, placing Padmavathy Nagar 26th Street's 2024 figure above this median.

• Padmavathy Nagar 26th Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 25th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 25th Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar 26th 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, these fees would total 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.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padmavathy Nagar 26th Street?

The Sub Registrar Office that covers Padmavathy Nagar 26th 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 during the registration of property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value as per the government standards.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential for the legal transfer of property ownership. This ensures that both parties are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar 26th Street?

The current guideline value of Padmavathy Nagar 26th 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, a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, showing significant fluctuations over the years.

What is the land classification for Padmavathy Nagar 26th Street?

The land classification for Padmavathy Nagar 26th Street is Residential Special Type - III. This classification indicates the type of development permissible in the area.

What is the registration office for this street?

The registration office for Padmavathy Nagar 26th Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

How is the stamp duty calculated for properties in this area?

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 plot at the guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000, leading to a stamp duty of Rs 2,31,000.