Guideline Value for Padmavathy Nagar 8th Street

Padmavathy Nagar 8th Street guideline value

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

The guideline value for Padmavathy Nagar 8th Street has undergone several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in the 2017 revision. However, the most recent revision in 2024 has increased the value to Rs 3,300 per sq.ft, marking a 64% increase from the 2017 figure. Overall, from 2012 to 2024, the guideline value has seen a 10% increase.

It is important to note that there are no figures available for the revisions in 2023, 2007, 2003, and 2002 for this street. Therefore, the only relevant revisions are from 2012, 2017, and 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 of Rs 2,400 per sq.ft. The guideline value for Padmavathy Nagar 8th Street is above this median.

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

Stamp duty and registration fee for property in Padmavathy Nagar 8th 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, charged at 7%, would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padmavathy Nagar 8th Street?

The Sub Registrar Office that covers Padmavathy Nagar 8th 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, within 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 critical factor in property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees.

During the registration process, the guideline value ensures that properties are not undervalued, thereby safeguarding government revenue from property transactions. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

Frequently asked questions

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

The current guideline value of Padmavathy Nagar 8th 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.

What are the stamp duty and registration fees for property 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.

Which Sub Registrar Office covers this street?

The Selaiyur Sub Registrar Office covers Padmavathy Nagar 8th Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

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

Padmavathy Nagar 8th Street is classified as Residential Special Type - III.