Guideline Value for Padmavathy Nagar 6th Street

Padmavathy Nagar 6th Street guideline value

The current guideline value of Padmavathy Nagar 6th 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 6th Street has changed

Over the years, the guideline value for Padmavathy Nagar 6th Street has seen several revisions. 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. However, the most recent 2024 revision has increased the guideline value to Rs 3,300 per sq.ft, marking a significant increase of 64% from the 2017 figure.

In terms of overall changes, from 2012 to 2017, there was a decrease of 33%. Conversely, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no 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, placing Padmavathy Nagar 6th Street's 2024 figure above that median.

• Padmavathy Nagar 6th Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 7th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 6th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 7th Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 7th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar 6th 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 duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Padmavathy Nagar 6th Street?

The Sub Registrar Office covering Padmavathy Nagar 6th 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 figure used during the registration of property transactions in Madambakkam. It serves as a benchmark for determining the minimum value of a property for tax purposes, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory costs associated with property transactions. This ensures transparency and fairness in the registration process.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar 6th Street?

The current guideline value of Padmavathy Nagar 6th 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. This represents a 64% increase from 2017 to 2024.

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

For a property valued at Rs 33,00,000, the stamp duty is Rs 2,31,000 and the registration fee is Rs 66,000, totaling Rs 2,97,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Padmavathy Nagar 6th Street?

The Selaiyur Sub Registrar Office handles property registrations for Padmavathy Nagar 6th Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai.

What is the land classification of Padmavathy Nagar 6th Street?

Padmavathy Nagar 6th Street is classified as Residential Special Type - III, which indicates its designated use for residential purposes.