Guideline Value for Padmavathy Nagar Extn 24th Cross Street

Padmavathy Nagar Extn 24th Cross Street guideline value

The current guideline value of Padmavathy Nagar Extn 24th Cross 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 24th Cross Street has changed

The guideline value for Padmavathy Nagar Extn 24th Cross Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 3,300 per sq.ft, which is an increase from Rs 3,000 per sq.ft in 2023, marking a 10% rise. Prior to that, in 2017, the value was Rs 2,010 per sq.ft, indicating a significant increase of 49% over the six years leading up to 2023. The 2012 revision recorded a value of Rs 3,000 per sq.ft, which was a decrease of 33% from the 2017 figure.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the current 2024 figure, there has been a 10% increase in the guideline value.

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, with a median value of Rs 2,400 per sq.ft. The guideline value of Padmavathy Nagar Extn 24th Cross Street is above this median.

• Padmavathy Nagar Extn 24th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 23rd Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 23rd Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 25th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 25th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 22nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar Extn 24th 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 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 the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Padmavathy Nagar Extn 24th Cross Street?

The Sub Registrar Office that covers Padmavathy Nagar Extn 24th 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 is a crucial factor during 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 government receives appropriate revenue from property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty and registration fees. This process helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar Extn 24th Cross Street?

The current guideline value of Padmavathy Nagar Extn 24th 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 2023 to Rs 3,300 per sq.ft in 2024, a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, showing a significant change over the years.

What is the land classification for this street?

The land classification for Padmavathy Nagar Extn 24th Cross Street is Residential Special Type - III. This classification is important for understanding the zoning and usage of the land.

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. This office handles registrations for properties in the area.

How is the 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 at 7% would be Rs 2,31,000.