Guideline Value for Padmavathy Nagar Extn 23rd Cross Street

Padmavathy Nagar Extn 23rd Cross Street guideline value

The current guideline value of Padmavathy Nagar Extn 23rd 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 23rd Cross Street has changed

The guideline value for Padmavathy Nagar Extn 23rd Cross Street has seen several revisions over the years. In 2012, the value was Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in 2017. This represents a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, marking a rise of 49%. The most recent revision in 2024 has set the value at Rs 3,300 per sq.ft, which is a 10% increase from the previous year’s Rs 3,000 per sq.ft.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. 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 that carry a 2024 guideline value, 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, making the current value of Padmavathy Nagar Extn 23rd Cross Street above that median.

• Padmavathy Nagar Extn 23rd Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 22nd Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 22nd Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 24th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 24th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 21st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar Extn 23rd 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 charges to Rs 2,97,000. It is important to note that stamp duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Padmavathy Nagar Extn 23rd Cross Street?

The Sub Registrar Office that covers Padmavathy Nagar Extn 23rd 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 details.

How the guideline value is used when you buy or sell in Madambakkam

The guideline value plays a crucial role in property transactions in Madambakkam. It is the benchmark used by the government to calculate stamp duty and registration fees during property registration. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the sale process.

When a property is sold, the guideline value is compared with the sale price. The higher of the two figures is used to calculate the applicable stamp duty and registration fees, ensuring that all transactions are fairly assessed according to the established values.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar Extn 23rd Cross Street?

The current guideline value of Padmavathy Nagar Extn 23rd 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, then increased to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification of Padmavathy Nagar Extn 23rd Cross Street?

Padmavathy Nagar Extn 23rd Cross Street is classified as Residential Special Type - III.

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 the stamp duty calculated for properties in Madambakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property with a guideline value of Rs 33,00,000, the stamp duty would be calculated accordingly.