Guideline Value for Padmavathy Nagar Extn 15th Street

Padmavathy Nagar Extn 15th Street guideline value

The current guideline value of Padmavathy Nagar Extn 15th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Residential Special Type - III.

How the guideline value of Padmavathy Nagar Extn 15th Street has changed

In 2012, the guideline value for Padmavathy Nagar Extn 15th Street was Rs 3,000 per sq.ft. This figure remained unchanged until 2017, when it dropped to Rs 2,010 per sq.ft. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and then further rose to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, while the value increased by 49% from 2017 to 2023. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, placing the guideline value of Padmavathy Nagar Extn 15th Street above this median.

• Padmavathy Nagar Extn 15th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 16th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 14th Street: Rs 2,200 per sq.ft (2024)
• Padmavathy Nagar Extn 16th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 14th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 17th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar Extn 15th 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 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 use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Padmavathy Nagar Extn 15th Street?

The Sub Registrar Office that covers Padmavathy Nagar Extn 15th 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 further assistance.

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. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value, as it directly affects the stamp duty and registration fees payable during the transaction.

When registering a property, the guideline value is compared with the sale price, and the higher of the two is considered for calculating the applicable duties and fees. This ensures that the registration process is compliant with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar Extn 15th Street?

The current guideline value of Padmavathy Nagar Extn 15th 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 seen several changes, starting from Rs 3,000 per sq.ft in 2012, dropping to Rs 2,010 per sq.ft in 2017, and rising to Rs 3,000 per sq.ft in 2023, before reaching Rs 3,300 per sq.ft in 2024.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office is responsible for Padmavathy Nagar Extn 15th Street?

The Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, is responsible for this street.

What is the land classification for Padmavathy Nagar Extn 15th Street?

The land classification for Padmavathy Nagar Extn 15th Street is Residential Special Type - III.