Guideline Value for Padmavathy Nagar

Padmavathy Nagar guideline value

The current guideline value of Padmavathy Nagar is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Madambakkam village under the Selaiyur SRO and is classified as Residential Special Type - III.

How the guideline value of Padmavathy Nagar has changed

In the 2012 revision, the guideline value for Padmavathy Nagar was set at Rs 3,000 per sq.ft. This figure remained unchanged in the 2023 revision, also at Rs 3,000 per sq.ft. However, in the 2024 revision, the guideline value increased by 10% to Rs 3,300 per sq.ft.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2017 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, with a median value of Rs 2,400 per sq.ft. The guideline value for Padmavathy Nagar is above this median.

• Padmavathi Nagar Extn Main Road: Rs 3,300 per sq.ft (2024)
• Padmavathi Nagar Extn 9th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathi Nagar Extn 8th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathy Nagar 10th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathi Nagar Extn 5th Cross Street: Rs 3,300 per sq.ft (2024)
• Padmavathi Nagar Extn 4th Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Padmavathy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value is 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, bringing the total cost for these fees to Rs 2,97,000. It is important to note that 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 precise calculations.

Which Sub Registrar Office covers Padmavathy Nagar?

The Sub Registrar Office that covers Padmavathy Nagar 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 is a crucial factor when registering property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which the property can be registered, ensuring compliance with legal and financial regulations.

When a buyer or seller engages in a transaction, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that all parties are aware of the financial obligations associated with the property transfer.

Frequently asked questions

What is the current guideline value of Padmavathy Nagar?

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

How has the guideline value changed over the years?

The guideline value for Padmavathy Nagar was Rs 3,000 per sq.ft in 2012 and remained the same until 2023. In 2024, it increased to Rs 3,300 per sq.ft, representing a 10% increase from the previous revision.

What is the land classification for Padmavathy Nagar?

Padmavathy Nagar is classified as Residential Special Type - III, which indicates its zoning for residential use.

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 property in Padmavathy Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at a rate of 7%.