Guideline Value for Padmavathy Nagar Extn 24th Street

Padmavathy Nagar Extn 24th Street guideline value

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

The guideline value for Padmavathy Nagar Extn 24th Street has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in the 2017 revision. The most recent revision in 2024 shows an increase to Rs 3,300 per sq.ft, marking a significant rise of 64% from the 2017 figure. Overall, from 2012 to 2024, there has been a slight increase of 10% in the guideline value.

It is important to note that there are no recorded figures for the years 2002, 2003, 2007, and 2023 for this street. The changes between the revisions highlight the fluctuations in the guideline values over the years.

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 for these streets is Rs 2,400 per sq.ft, placing Padmavathy Nagar Extn 24th Street above this median.

• Padmavathy Nagar Extn 24th 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 23rd Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 25th Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 23rd Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar Extn 26th-Madampakkam Main Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar Extn 24th 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. Therefore, the total cost for stamp duty and registration would be Rs 2,97,000. It is essential to note that the duty is charged on the higher of the guideline value and the sale price.

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

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

The Sub Registrar Office that covers Padmavathy Nagar Extn 24th 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, 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 property registration process in Madambakkam. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. The guideline value is set by the registration department and is updated periodically based on various factors.

When a buyer or seller approaches the registration office, the guideline value will be referenced to ensure that the appropriate fees are calculated accurately. This ensures transparency in property transactions and helps in maintaining a standardized process across the region.

Frequently asked questions

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

The current guideline value of Padmavathy Nagar Extn 24th 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 significantly from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, and then increased to Rs 3,300 per sq.ft in 2024. Overall, there has been a 10% increase from the 2012 to 2024 revisions.

What is the land classification for Padmavathy Nagar Extn 24th Street?

Padmavathy Nagar Extn 24th Street is classified as Residential Special Type - III, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For example, for a property valued at Rs 33,00,000, the total fees would amount to Rs 2,97,000.

Which office handles property registrations for this area?

The Selaiyur Sub Registrar Office handles property registrations for Padmavathy Nagar Extn 24th Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.