Guideline Value for PATEL COMPANY SALAI

Patel Company Salai guideline value

The current guideline value of Patel Company Salai is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village, under the Chennai South Joint I SRO, and is classified as Residential Class I Type - I.

How the guideline value of Patel Company Salai has changed

The guideline value for Patel Company Salai has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,000 per sq.ft, and the most recent 2024 revision has it at Rs 2,200 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The increase from 2023 to 2024 is 10%, resulting in an overall increase of 10% from 2012 to 2024.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current value for Patel Company Salai.

• Parasuram Avenue 2nd Street: Rs 2,200 per sq.ft (2024)
• Parasuram Avenue 1st Street: Rs 2,200 per sq.ft (2024)
• Parasuram Avenue: Rs 2,200 per sq.ft (2024)
• Periyar Nagar: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 1st Street: Rs 1,870 per sq.ft (2024)
• Periyar Nagar 2nd Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Patel Company Salai

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, making the total fees together Rs 1,98,000. It is important to 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 accurate calculations.

Which Sub Registrar Office covers Patel Company Salai?

The Sub Registrar Office that covers Patel Company Salai is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are conducted fairly and transparently.

When you register a property, the guideline value is used to calculate the applicable stamp duty and registration fees. It is essential for buyers and sellers to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Patel Company Salai?

The current guideline value of Patel Company Salai 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 from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of Patel Company Salai?

Patel Company Salai is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for Patel Company Salai?

The Sub Registrar Office for Patel Company Salai is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Patel Company Salai?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.