Guideline Value for Padmavathy Nagar 8th Main Road

Padmavathy Nagar 8th Main Road guideline value

The current guideline value of Padmavathy Nagar 8th Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road is located in Madambakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - III.

How the guideline value of Padmavathy Nagar 8th Main Road has changed

In the 2012 revision, the guideline value was Rs 3,000 per sq.ft. This figure decreased to Rs 2,010 per sq.ft in the 2017 revision, marking a reduction of 33%. However, in the 2023 revision, the value increased significantly to Rs 3,000 per sq.ft, and then rose again to Rs 3,300 per sq.ft in the 2024 revision, reflecting a 10% increase. Overall, from 2012 to 2024, the guideline value has seen a 10% increase.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. The changes between the revisions indicate a 49% increase from 2017 to 2023, followed by a 10% increase from 2023 to 2024.

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 of Padmavathy Nagar 8th Main Road is above this median.

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

Stamp duty and registration fee for property in Padmavathy Nagar 8th Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value is 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, leading to a total cost of 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.

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

Which Sub Registrar Office covers Padmavathy Nagar 8th Main Road?

The Sub Registrar Office that covers Padmavathy Nagar 8th Main Road 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 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 reflects a fair value as per government standards.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. These fees are typically based on the higher of the guideline value or the sale price, which ensures that the state revenue is adequately collected during property transactions.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar 8th Main Road?

The current guideline value of Padmavathy Nagar 8th Main Road 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 increased 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 for Padmavathy Nagar 8th Main Road?

The land classification for Padmavathy Nagar 8th Main Road is Residential Special Type - III.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is typically charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Selaiyur 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.