Guideline Value for Padmavathy Nagar Extension

Padmavathy Nagar Extension guideline value

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

How the guideline value of Padmavathy Nagar Extension has changed

In the 2012 revision, the guideline value was set at Rs 3,000 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 2,010 per sq.ft, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 raised the guideline value to Rs 3,300 per sq.ft, which is a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has seen a 10% increase.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO, with guideline values 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 Extension's 2024 figure above that median.

• Padmavathy Nagar-Bhuvaneswari Nagar Joint Roat: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 10th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 9th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 11th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 9th Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 12th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar Extension

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 at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Padmavathy Nagar Extension?

The Sub Registrar Office that covers Padmavathy Nagar Extension 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 calculating the stamp duty and registration fees, which are mandatory when transferring property ownership.

When you buy or sell property, the guideline value is compared with the sale price, and the higher of the two is used to determine the applicable duties and fees. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar Extension?

The current guideline value of Padmavathy Nagar Extension 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, reflecting a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What is the land classification for Padmavathy Nagar Extension?

Padmavathy Nagar Extension is classified as Residential Special Type - III, which indicates its suitability for residential development.

What are the stamp duty rates for properties in this area?

The stamp duty for properties in Padmavathy Nagar Extension is charged at 7% of the guideline value or sale price, whichever is higher. The registration fee is 2% of the guideline value.

Where can I find the Sub Registrar Office for Padmavathy Nagar Extension?

The Selaiyur Sub Registrar Office covers Padmavathy Nagar Extension and is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.