Guideline Value for Sri Padmagiri Nagar Phase II

Sri Padmagiri Nagar Phase II guideline value

The current guideline value of Sri Padmagiri Nagar Phase II is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Sri Padmagiri Nagar Phase II has changed

The guideline value for Sri Padmagiri Nagar Phase II has seen several revisions over the years. The 2017 revision set the guideline value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in the 2023 revision. The latest revision in 2024 brought the value up to Rs 2,200 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

There are no figures available for the years 2002, 2003, 2007, and 2012 for this street. The changes between the revisions indicate a significant rise in the guideline value, particularly a 49% increase from 2017 to 2023.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Sri Padmagiri Nagar Phase II is above this median.

• Sri Padmagiri Nagar: Rs 1,300 per sq.ft (2024)
• Srinivasa P.K. St (Ward-07): Rs 2,200 per sq.ft (2024)
• Srinivasa Perumal Koil st, ( Ward No.7 ): Rs 1,300 per sq.ft (2024)
• Srinivasa Perumal Koil Street: Rs 1,300 per sq.ft (2024)
• Srinivasa Perumal Koil st, connecting Road ( Ward No.7 ): Rs 1,300 per sq.ft (2024)
• Sri Ragavendra Avenue Annex: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Padmagiri Nagar Phase II

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. Please note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sri Padmagiri Nagar Phase II?

The Sri Padmagiri Nagar Phase II area is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for additional information.

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

The guideline value is a crucial factor in property transactions in Madhavaram. It serves as a benchmark for determining the minimum value of properties during registration, ensuring that the transactions are documented at a fair price as per government regulations.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, which are essential for completing the legal transfer of property ownership. This process helps maintain transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value for Sri Padmagiri Nagar Phase II?

The current guideline value for Sri Padmagiri Nagar Phase II is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 64% over the seven-year period.

What are the stamp duty and registration fees for a property in this area?

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.

Which Sub Registrar Office should I approach for transactions in Sri Padmagiri Nagar Phase II?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, covers transactions in Sri Padmagiri Nagar Phase II.

What is the land classification for Sri Padmagiri Nagar Phase II?

Sri Padmagiri Nagar Phase II is classified as Residential Class I Type - I, indicating its suitability for residential development.