Guideline Value for Padmavathy Nagar Extn 16th Cross Street

Padmavathy Nagar Extn 16th Cross Street guideline value

The current guideline value of Padmavathy Nagar Extn 16th Cross 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 16th Cross Street has changed

The guideline value for Padmavathy Nagar Extn 16th Cross Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 3,000 per sq.ft. This was followed by a decrease in the 2017 revision, which recorded a guideline value of Rs 2,010 per sq.ft. However, the latest revision in 2024 shows a significant increase to Rs 3,300 per sq.ft, marking a 64% rise from the 2017 figure. Overall, from the 2012 to 2024 revisions, there has been a 10% increase in the guideline value.

It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2023 for this street. The fluctuations in the guideline values reflect changes in land classification and local regulations.

Guideline values in Madambakkam

In Madambakkam, there are a total of 1,151 streets under the Selaiyur SRO that have 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, placing Padmavathy Nagar Extn 16th Cross Street above this median.

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

Stamp duty and registration fee for property in Padmavathy Nagar Extn 16th Cross 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, while the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. Please note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Padmavathy Nagar Extn 16th Cross Street?

The Sub Registrar Office that covers Padmavathy Nagar Extn 16th Cross 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 critical factor in property transactions in Madambakkam. It serves as the benchmark for determining the stamp duty and registration fees when a property is bought or sold. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When registering a property, the guideline value is used to calculate the applicable fees, which are based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar Extn 16th Cross Street?

The current guideline value of Padmavathy Nagar Extn 16th Cross 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. This represents a 64% increase from 2017 to 2024 and a 10% increase overall from 2012 to 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. The duty is charged on the higher of the guideline value or the sale price.

Which office handles property registrations for Padmavathy Nagar Extn 16th Cross Street?

The Selaiyur Sub Registrar Office handles property registrations for Padmavathy Nagar Extn 16th Cross Street. It is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

What is the median guideline value for streets in Madambakkam?

The median guideline value for streets in Madambakkam is Rs 2,400 per sq.ft. Padmavathy Nagar Extn 16th Cross Street's guideline value of Rs 3,300 per sq.ft is above this median.