Guideline Value for Padmavathy Nagar 8th Cross Street

Padmavathy Nagar 8th Cross Street guideline value

The current guideline value of Padmavathy Nagar 8th 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 8th Cross Street has changed

The guideline value for Padmavathy Nagar 8th Cross Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in 2017. However, the most recent revision in 2024 has increased the value to Rs 3,300 per sq.ft, marking a significant rise of 64% from the 2017 figure.

From 2012 to 2017, there was a decrease of 33% in the guideline value. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. The register does not contain 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 have 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 8th Cross Street is above this median.

• Padmavathy Nagar 7th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 7th Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 8th Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 8th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 7th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 9th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar 8th 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 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 to Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Padmavathy Nagar 8th Cross Street?

The Sub Registrar Office that covers Padmavathy Nagar 8th Cross Street is the Selaiyur Sub Registrar Office. The address is 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

When buying or selling property in Madambakkam, the guideline value is a crucial factor in determining the stamp duty and registration fees applicable to the transaction. The guideline value serves as a benchmark for property transactions and is used to calculate the duties payable at the time of registration.

It is important to note that the guideline value may differ from the actual sale price of the property. Therefore, the stamp duty is charged on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar 8th Cross Street?

The current guideline value of Padmavathy Nagar 8th 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, and then increased to Rs 3,300 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024 and an overall increase of 10% from 2012 to 2024.

What is the land classification for Padmavathy Nagar 8th Cross Street?

Padmavathy Nagar 8th Cross Street is classified as Residential Special Type - III. This classification is important for understanding the potential uses of the land.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Padmavathy Nagar 8th 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.

How is stamp duty calculated for properties in this area?

Stamp duty for properties in Padmavathy Nagar 8th Cross Street is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.