Guideline Value for Padmavathy Nagar Extn 11th Street

Padmavathy Nagar Extn 11th Street guideline value

The current guideline value of Padmavathy Nagar Extn 11th 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 Extn 11th Street has changed

The guideline value for Padmavathy Nagar Extn 11th 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 the 2017 revision. Following this, the guideline value increased significantly to Rs 3,000 per sq.ft in 2023, and then to Rs 3,300 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, comparing the 2012 and 2024 revisions, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a guideline value for 2024, 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, and the 2024 guideline value for Padmavathy Nagar Extn 11th Street is above this median.

• Padmavathy Nagar Extn 10th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 12th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extension: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar-Bhuvaneswari Nagar Joint Roat: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 13th Cross 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 Extn 11th Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the 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 to 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 calculate your own fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padmavathy Nagar Extn 11th Street?

The Sub Registrar Office that covers Padmavathy Nagar Extn 11th 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 factor in property transactions in Madambakkam, as it determines the minimum value at which a property can be registered. This value is used to calculate stamp duty and registration fees, which are mandatory costs involved in the buying and selling process.

When a buyer purchases a property, the guideline value ensures that the government receives its due revenue from the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar Extn 11th Street?

The current guideline value of Padmavathy Nagar Extn 11th 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, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What are the stamp duty and registration fees for this street?

For a 1,000 sq.ft plot, the total guideline value is Rs 33,00,000. The stamp duty at 7% is Rs 2,31,000, and the registration fee at 2% is Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers this area?

The Selaiyur Sub Registrar Office covers Padmavathy Nagar Extn 11th Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification for Padmavathy Nagar Extn 11th Street?

Padmavathy Nagar Extn 11th Street is classified as Residential Special Type - III, which indicates its suitability for residential development.