Guideline Value for SRI PADMAVATHY AVENUE

Sri Padmavathy Avenue guideline value

The current guideline value of Sri Padmavathy Avenue is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Class II Type - III.

How the guideline value of Sri Padmavathy Avenue has changed

The guideline value for Sri Padmavathy Avenue has seen several revisions over the years. The earliest recorded figure is from 2003, where it was Rs 111 per sq.ft. This value increased to Rs 250 per sq.ft in 2007, followed by a significant jump to Rs 2,000 per sq.ft in 2012. However, in 2017, the value decreased to Rs 1,340 per sq.ft. The 2023 revision raised it to Rs 2,000 per sq.ft, and the latest revision in 2024 set it at Rs 2,200 per sq.ft, marking a 10% increase from the previous year.

In summary, the changes in guideline value from 2003 to 2024 show a substantial increase of 1882%. The revisions indicate fluctuations, with the highest value recorded in 2024 and the lowest in 2003. Notably, there is no figure available for the year 2002 in the register for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft as of 2024. The median guideline value in this area is Rs 3,300 per sq.ft, placing Sri Padmavathy Avenue's 2024 figure below this median.

• Sripuram: Rs 2,200 per sq.ft (2024)
• Srinivasa Nagar: Rs 2,800 per sq.ft (2024)
• Sri Nagar New Street: Rs 2,800 per sq.ft (2024)
• Sri Nagar: Rs 2,800 per sq.ft (2024)
• Sri Sai Baba Nagar: Rs 2,800 per sq.ft (2024)
• Sri Sai Nagar: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Padmavathy Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Padmavathy Avenue?

The Sub Registrar Office that covers Sri Padmavathy Avenue is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for additional information.

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

The guideline value plays a crucial role when buying or selling property in Okkiyamthuraipakkam. It is used to determine the stamp duty and registration fees applicable during the property transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value is considered to protect both the buyer and seller from undervaluation. It ensures that the government receives appropriate revenue from property transactions, thereby maintaining transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Sri Padmavathy Avenue?

The current guideline value of Sri Padmavathy Avenue is Rs 2,200 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 111 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 1882% over this period.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Where can I find the Sub Registrar Office for this area?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the median guideline value in Okkiyamthuraipakkam?

The median guideline value in Okkiyamthuraipakkam is Rs 3,300 per sq.ft, with Sri Padmavathy Avenue's value being below this median.