Guideline Value for SRI PADMAVATHI NAGAR

Sri Padmavathi Nagar guideline value

The current guideline value of Sri Padmavathi Nagar is Rs 100 per sq.ft, effective from 1 July 2024. This area is located in Mylapur village under the Oothukkottai SRO, with a land classification of Residential Class I Type - I.

How the guideline value of Sri Padmavathi Nagar has changed

Over the years, the guideline value of Sri Padmavathi Nagar has seen several revisions. The 2012 revision set the value at Rs 100 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 67 per sq.ft. However, from 2017 to 2023, the value increased significantly by 49%, bringing it back to Rs 100 per sq.ft. The 2024 revision has maintained this figure, showing no change from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has remained at Rs 100 per sq.ft.

Guideline values in Mylapur

In Mylapur, there are 10 streets under the Oothukkottai SRO that carry a 2024 guideline value, all set at Rs 100 per sq.ft. The median value for these streets is also Rs 100 per sq.ft, placing Sri Padmavathi Nagar at the same level as the median.

• Sri Vaari Nagar: Rs 100 per sq.ft (2024)
• Venkateswara Nagar: Rs 100 per sq.ft (2024)
• V.G.P.Thirunagar-Part-I: Rs 100 per sq.ft (2024)
• Vgp Thirunagar Part-IV: Rs 100 per sq.ft (2024)
• Jothi Nagar: Rs 100 per sq.ft (2024)
• Balaji Nagar: Rs 100 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Padmavathi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 100 per sq.ft, the guideline value amounts to Rs 1,00,000. The stamp duty is charged at 7%, totaling Rs 7,000, while the registration fee is 2%, amounting to Rs 2,000. Together, the total cost for stamp duty and registration fee would be Rs 9,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Sri Padmavathi Nagar?

The Sub Registrar Office that covers Sri Padmavathi Nagar is the Oothukkottai Sub Registrar Office, located near the government hospital in Uthukottai, 602026, Chennai registration zone. To find more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Mylapur. It helps determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the sale price or the guideline value, whichever is higher, is used to calculate the applicable duties and fees. This ensures that all transactions are conducted transparently and in accordance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Sri Padmavathi Nagar?

The current guideline value of Sri Padmavathi Nagar is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent revision in 2024 maintaining the value at Rs 100 per sq.ft. The value increased from Rs 67 per sq.ft in 2017 to Rs 100 per sq.ft in 2023, before remaining unchanged in 2024.

What is the stamp duty rate for properties in Sri Padmavathi Nagar?

The stamp duty rate for properties in Sri Padmavathi Nagar is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Sri Padmavathi Nagar?

The Sub Registrar Office covering Sri Padmavathi Nagar is the Oothukkottai Sub Registrar Office, located near the government hospital in Uthukottai, 602026, Chennai registration zone.

What are the other streets in Mylapur with the same guideline value?

Other streets in Mylapur under the Oothukkottai SRO also carry a guideline value of Rs 100 per sq.ft in 2024. These include Sri Vaari Nagar, Venkateswara Nagar, V.G.P.Thirunagar-Part-I, Vgp Thirunagar Part-IV, Jothi Nagar, and Balaji Nagar.