Guideline Value for Seenivasan Nagar/Padmavathi Nagar

Seenivasan Nagar/Padmavathi Nagar guideline value

The current guideline value of Seenivasan Nagar/Padmavathi Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village under the Velacheri SRO, classified as Residential Class I Type - I.

How the guideline value of Seenivasan Nagar/Padmavathi Nagar has changed

The guideline value for Seenivasan Nagar/Padmavathi Nagar has seen several revisions over the years. In the 2017 revision, the value was set at Rs 2,345 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Seenivasan Nagar/Padmavathi Nagar's 2024 figure above that median.

• Seethapathy Nagar: Rs 2,200 per sq.ft (2024)
• Seethapathy Street: Rs 2,200 per sq.ft (2024)
• Sathsangam Street: Rs 2,200 per sq.ft (2024)
• Sengalvarayan Street: Rs 2,200 per sq.ft (2024)
• Senkeniamman Koil Cross Street: Rs 2,750 per sq.ft (2024)
• Senkeniamman Koil Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Seenivasan Nagar/Padmavathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Seenivasan Nagar/Padmavathi Nagar?

The Velacheri Sub Registrar Office covers Seenivasan Nagar/Padmavathi Nagar. The office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

When buying or selling property in Madipakkam-1, the guideline value is used to determine the stamp duty and registration fees applicable to the transaction. The guideline value serves as a benchmark for the minimum value at which the property can be registered.

During the registration process, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Seenivasan Nagar/Padmavathi Nagar?

The current guideline value of Seenivasan Nagar/Padmavathi Nagar is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2017 revision, the guideline value has increased from Rs 2,345 per sq.ft to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 64%.

What are the stamp duty and registration fees for property in Seenivasan Nagar/Padmavathi Nagar?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

What is the land classification of Seenivasan Nagar/Padmavathi Nagar?

Seenivasan Nagar/Padmavathi Nagar is classified as Residential Class I Type - I, which is relevant for determining the guideline value.

Which office handles the registration for Seenivasan Nagar/Padmavathi Nagar?

The Velacheri Sub Registrar Office handles the registration for Seenivasan Nagar/Padmavathi Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.