Guideline Value for SRI PADMAVATHY NAGAR

Sri Padmavathy Nagar guideline value

The current guideline value of Sri Padmavathy Nagar is Rs 248 per sq.ft, effective from 1 July 2024. This area is located in Puthubakkam village under the Thiruvottiyur Sub Registrar Office (SRO) and is classified as Residential Special Type - I.

How the guideline value of Sri Padmavathy Nagar has changed

The guideline value for Sri Padmavathy Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 225 per sq.ft, which then decreased to Rs 151 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 226 per sq.ft, and the most recent revision in 2024 has raised it further to Rs 248 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, the guideline value saw a significant increase of 50%. Overall, from 2012 to 2024, the guideline value has increased by 10%. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Puthubakkam

In Puthubakkam village, there are eight streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 165 to Rs 249 per sq.ft. The median value for these streets is Rs 248 per sq.ft, which is equal to the current guideline value of Sri Padmavathy Nagar.

• Sri Sankaran Vetrivel Garden: Rs 248 per sq.ft (2024)
• Sri Krishna Nagar/Ext/Phases: Rs 248 per sq.ft (2024)
• Sri Karumaniamman Nagar: Rs 248 per sq.ft (2024)
• Outer Ring Road: Rs 249 per sq.ft (2024)
• Madhurai Meenakshi Nagar: Rs 248 per sq.ft (2024)
• Balamurugan Nagar: Rs 165 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Padmavathy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 248 per sq.ft, the total guideline value would be Rs 2,48,000. The stamp duty at 7% would amount to Rs 17,360, and the registration fee at 2% would be Rs 4,960, bringing the total fees to Rs 22,320. 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 our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Padmavathy Nagar?

The Sri Padmavathy Nagar area is covered by the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Puthubakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is used to calculate the necessary fees, ensuring that both the buyer and seller are aware of the financial obligations involved in the transaction. This helps maintain transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Sri Padmavathy Nagar?

The current guideline value of Sri Padmavathy Nagar is Rs 248 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 225 per sq.ft in 2012 to Rs 151 per sq.ft in 2017, then to Rs 226 per sq.ft in 2023, and finally to Rs 248 per sq.ft in 2024.

What is the registration office for Sri Padmavathy Nagar?

The registration office for Sri Padmavathy Nagar is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

How is stamp duty calculated for properties in Sri Padmavathy Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 2,48,000, the stamp duty would be Rs 17,360 at a rate of 7%.

What other streets have similar guideline values in Puthubakkam?

Other streets in Puthubakkam that have a guideline value of Rs 248 per sq.ft include Sri Sankaran Vetrivel Garden, Sri Krishna Nagar/Ext/Phases, Sri Karumaniamman Nagar, and Madhurai Meenakshi Nagar.