Guideline Value for Padmavathy Nagar Extn 16th Street

Padmavathy Nagar Extn 16th Street guideline value

The current guideline value of Padmavathy Nagar Extn 16th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, classified as Residential Special Type - III.

How the guideline value of Padmavathy Nagar Extn 16th Street has changed

Over the years, the guideline value of Padmavathy Nagar Extn 16th Street has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which was a decrease of 33% from the Rs 2,010 per sq.ft recorded in the 2017 revision. The 2023 revision increased the value to Rs 3,000 per sq.ft, and the latest 2024 revision has raised it to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

There are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Madambakkam

In Madambakkam, there are a total of 1,151 streets under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value across these streets is Rs 2,400 per sq.ft, indicating that Padmavathy Nagar Extn 16th Street's 2024 guideline value is above this median.

• Padmavathy Nagar Extn 16th 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 15th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 17th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 15th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 18th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar Extn 16th Street

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, while the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

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

The Sub Registrar Office that covers Padmavathy Nagar Extn 16th 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 plays a crucial role during property registration in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, which are mandatory costs associated with the transaction. This ensures that all parties are aware of the financial obligations involved in the process.

Frequently asked questions

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

The current guideline value of Padmavathy Nagar Extn 16th 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 2023 to Rs 3,300 per sq.ft in 2024, representing 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 of Padmavathy Nagar Extn 16th Street?

Padmavathy Nagar Extn 16th Street is classified as Residential Special Type - III. This classification impacts the guideline value and the types of properties that can be developed in the area.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in Madambakkam?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at 7%.