Guideline Value for Padmavathy Nagar Extn 17th Street

Padmavathy Nagar Extn 17th Street guideline value

The current guideline value of Padmavathy Nagar Extn 17th 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 17th Street has changed

The guideline value for Padmavathy Nagar Extn 17th Street has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was a decrease of 33% from Rs 2,010 per sq.ft in 2017. The value remained at Rs 3,000 per sq.ft until the 2023 revision, which increased it to Rs 3,300 per sq.ft, marking a 10% rise.

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

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 value for these streets is Rs 2,400 per sq.ft, indicating that the guideline value for Padmavathy Nagar Extn 17th Street is above this median.

• Padmavathy Nagar Extn 17th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 18th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 16th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 18th Street: Rs 2,200 per sq.ft (2024)
• Padmavathy Nagar Extn 16th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 19th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar Extn 17th 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, totaling 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 17th Street?

The Sub Registrar Office that covers Padmavathy Nagar Extn 17th 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 in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar Extn 17th Street?

The current guideline value of Padmavathy Nagar Extn 17th 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, reflecting a 10% increase. It was Rs 2,010 per sq.ft in 2017, showing a 49% increase to the 2023 figure.

What is the land classification for Padmavathy Nagar Extn 17th Street?

The land classification for Padmavathy Nagar Extn 17th Street is Residential Special Type - III, indicating its designated use for residential purposes.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Padmavathy Nagar Extn 17th Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 33,00,000, the stamp duty would be calculated at 7% of this amount.