Guideline Value for WESTERN APARTMENTS (NORTH MAIN ROAD)

Western Apartments (North Main Road) guideline value

The current guideline value of Western Apartments (North Main Road) in Padi village, under the Villivakkam SRO, is Rs 13,100 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Western Apartments (North Main Road) has changed

Since the 2012 revision, the guideline value for Western Apartments (North Main Road) has seen several changes. In 2012, the value was Rs 12,000 per sq.ft, which decreased to Rs 8,040 per sq.ft in 2017, marking a decline of 33%. However, the value rebounded significantly to Rs 12,000 per sq.ft in 2023, and then increased to Rs 13,100 per sq.ft in 2024, reflecting a 9% rise.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2012 figure to the current 2024 value, there has been a net increase of 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with the 2024 guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing Western Apartments (North Main Road) above this median.

• Welcome Colony: Rs 8,200 per sq.ft (2024)
• W-BLOCK Inner Side Plot's: Rs 8,700 per sq.ft (2024)
• W-Block "d" Sector: Rs 8,700 per sq.ft (2024)
• W-Block "c" Sector: Rs 8,700 per sq.ft (2024)
• W-Block "b" Sector: Rs 8,700 per sq.ft (2024)
• W-Block "a" Sector: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Western Apartments (North Main Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 13,100 per sq.ft, the total guideline value amounts to Rs 1,31,00,000. The stamp duty at 7% would be Rs 9,17,000, and the registration fee at 2% would be Rs 2,62,000, bringing the total to Rs 11,79,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Western Apartments (North Main Road)?

The Sub Registrar Office that covers Western Apartments (North Main Road) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Padi. It is the value set by the government, which is used to calculate the stamp duty and registration fees that buyers must pay when purchasing property.

When a property is sold, the guideline value helps determine the official value of the transaction, ensuring that the appropriate taxes are collected. Buyers should be aware that the stamp duty is charged based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value for Western Apartments (North Main Road)?

The current guideline value for Western Apartments (North Main Road) is Rs 13,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 12,000 per sq.ft in 2012 to Rs 8,040 per sq.ft in 2017, then back to Rs 12,000 per sq.ft in 2023, and finally to Rs 13,100 per sq.ft in 2024.

What is the land classification for Western Apartments (North Main Road)?

The land classification for Western Apartments (North Main Road) is Residential Special Type - I.

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

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. This office handles registrations for properties in Padi village.

How is the stamp duty calculated for properties in Padi?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 1,31,00,000, the stamp duty would be Rs 9,17,000 at a rate of 7%.