Guideline Value for Padmavathy Nagar Extn 1st Street

Padmavathy Nagar Extn 1st Street guideline value

The current guideline value of Padmavathy Nagar Extn 1st 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 1st Street has changed

Over the years, the guideline value for Padmavathy Nagar Extn 1st Street has seen several revisions. The most recent revision in 2024 set the guideline value at Rs 3,300 per sq.ft, a significant increase from Rs 2,010 per sq.ft in the 2017 revision. The change from 2017 to 2024 reflects a 64% increase. Prior to that, in 2012, the guideline value was Rs 3,000 per sq.ft, indicating a decrease of 33% to the 2017 figure.

Overall, comparing the 2012 revision to the current 2024 value, there has been a modest increase of 10%. It is important to note that for the years 2023, 2007, 2003, and 2002, the register has no figure for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1151 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, placing Padmavathy Nagar Extn 1st Street above this median.

• Padmavathy Nagar Extn 19th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 19th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 20th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 20th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 18th Street: Rs 2,200 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 1st 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, making the total cost for these fees Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Padmavathy Nagar Extn 1st Street?

The Sub Registrar Office that covers Padmavathy Nagar Extn 1st 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

When buying or selling property in Madambakkam, the guideline value plays a crucial role in determining the registration fees and stamp duty. The guideline value is the minimum value set by the government for property transactions and is used to calculate the applicable fees during the registration process.

It is essential for buyers and sellers to be aware of the guideline value, as it ensures transparency in property transactions. The registration office will use this value to assess the applicable charges, which must be paid to complete the sale legally.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar Extn 1st Street?

The current guideline value of Padmavathy Nagar Extn 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much 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 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 and the sale price.

Which office handles the registration for Padmavathy Nagar Extn 1st Street?

The Selaiyur Sub Registrar Office handles the registration for Padmavathy Nagar Extn 1st Street. It is located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification for Padmavathy Nagar Extn 1st Street?

Padmavathy Nagar Extn 1st Street is classified as Residential Special Type - III, indicating its designated use for residential purposes.