Guideline Value for Padmavathy Nagar Extn 14th Street

Padmavathy Nagar Extn 14th Street guideline value

The current guideline value of Padmavathy Nagar Extn 14th Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, and it falls under the land classification of Residential Special Type - I.

How the guideline value of Padmavathy Nagar Extn 14th Street has changed

The guideline value for Padmavathy Nagar Extn 14th Street has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which remained unchanged until the 2017 revision, where it dropped to Rs 1,340 per sq.ft, a decrease of 33%. In 2023, the value increased to Rs 2,000 per sq.ft, and the latest revision in 2024 raised it to Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value rose significantly by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that there are no figures available for the revisions in 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 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, indicating that the 2024 guideline value of Rs 2,200 per sq.ft for Padmavathy Nagar Extn 14th Street is below this median.

• Padmavathy Nagar Extn 14th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 15th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 13th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 15th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 13th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 16th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar Extn 14th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that 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 precise calculations based on your specific property details.

Which Sub Registrar Office covers Padmavathy Nagar Extn 14th Street?

The Sub Registrar Office that covers Padmavathy Nagar Extn 14th 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 crucial when registering a property in Madambakkam, as it determines the minimum value at which the property can be registered. This value is used to calculate the stamp duty and registration fees that need to be paid during the transaction.

When a buyer or seller engages in a property transaction, the guideline value ensures that the property is not undervalued, thus protecting the interests of both parties. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar Extn 14th Street?

The current guideline value of Padmavathy Nagar Extn 14th Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office is responsible for Padmavathy Nagar Extn 14th Street?

The Selaiyur Sub Registrar Office covers Padmavathy Nagar Extn 14th Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification for Padmavathy Nagar Extn 14th Street?

Padmavathy Nagar Extn 14th Street is classified as Residential Special Type - I according to the guideline value register.