Guideline Value for PATEL ROAD 2ND STREET

Patel Road 2nd Street guideline value

The current guideline value of Patel Road 2nd Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class I Type - II.

How the guideline value of Patel Road 2nd Street has changed

The guideline value for Patel Road 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2007, when the value was Rs 800 per sq.ft. This figure saw a significant increase to Rs 4,500 per sq.ft in 2012, remaining unchanged until the 2023 revision. In 2023, the guideline value was Rs 4,500 per sq.ft, and it increased by 9% to Rs 4,900 per sq.ft in the 2024 revision.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 513%. It is important to note that there are no recorded figures for the years 2002, 2003, and 2017 for this street.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value is Rs 2,700 per sq.ft, making the 2024 figure for Patel Road 2nd Street above this median.

• Patel Road 1st Cross Street: Rs 4,900 per sq.ft (2024)
• Patel Road Lane: Rs 4,900 per sq.ft (2024)
• Patel Road: Rs 6,500 per sq.ft (2024)
• Pattinathar Street: Rs 2,700 per sq.ft (2024)
• Parthasarathy Naidu Street: Rs 2,200 per sq.ft (2024)
• Parthasarathy Nagar: Rs 3,200 per sq.ft (2024)

Stamp duty and registration fee for property in Patel Road 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, totaling Rs 4,41,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Patel Road 2nd Street?

The Sub Registrar Office that covers Patel Road 2nd Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Perambur. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

During the registration process, the guideline value is assessed to determine the applicable fees. This value serves as a benchmark for property transactions, helping to standardize the costs associated with buying and selling properties in the region.

Frequently asked questions

What is the current guideline value of Patel Road 2nd Street?

The current guideline value of Patel Road 2nd Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 513% over the years.

What are the other streets in Perambur with similar guideline values?

Other streets in Perambur with similar guideline values include Patel Road 1st Cross Street and Patel Road Lane, both at Rs 4,900 per sq.ft in 2024.

What fees are associated with property transactions on Patel Road 2nd Street?

For a property on Patel Road 2nd Street, the stamp duty is 7% of the guideline value, and the registration fee is 2%. These fees are calculated based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Patel Road 2nd Street?

The Sub Registrar Office for Patel Road 2nd Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.