Guideline Value for PATEL ROAD

Patel Road guideline value

The current guideline value of Patel Road, located in Perambur village under the Purasaivakkam SRO, is Rs 6,500 per sq.ft, effective from 1 July 2024. This street is classified as Commercial Special Type - I.

How the guideline value of Patel Road has changed

The guideline value for Patel Road has seen significant changes over the years. In 2002, the value was Rs 629 per sq.ft, which increased to Rs 690 per sq.ft in 2003, marking a 10% rise. The value continued to rise significantly to Rs 1,100 per sq.ft in 2007, reflecting a 59% increase from the previous revision. By 2012, the value remained at Rs 6,000 per sq.ft, showing no change from the previous year. In 2023, the guideline value was again Rs 6,000 per sq.ft, and then it increased to Rs 6,500 per sq.ft in 2024, which is an 8% increase.

Notably, there is no figure available for the year 2017 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 933%.

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 guideline value for these streets is Rs 2,700 per sq.ft, placing Patel Road's 2024 figure above this median.

• Patel Road 1st Cross Street: Rs 4,900 per sq.ft (2024)
• Patel Road 2nd Street: Rs 4,900 per sq.ft (2024)
• Patel Road Lane: Rs 4,900 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

For a 1,000 sq.ft plot at the current guideline value of Rs 6,500 per sq.ft, the total guideline value amounts to Rs 65,00,000. The stamp duty at 7% would be Rs 4,55,000, and the registration fee at 2% would be Rs 1,30,000, totaling Rs 5,85,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Patel Road?

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

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

The guideline value is a crucial factor in the registration process when buying or selling property in Perambur. It determines the minimum value at which the property can be registered, ensuring that the transaction is documented accurately according to the prevailing rates.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Patel Road?

The current guideline value of Patel Road is Rs 6,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 629 per sq.ft in 2002 to Rs 6,500 per sq.ft in 2024, marking an overall increase of 933%.

What is the land classification of Patel Road?

Patel Road is classified as Commercial Special Type - I, indicating its suitability for commercial activities.

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

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

How is stamp duty calculated for properties in Patel Road?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For a property valued at Rs 65,00,000, the stamp duty would be Rs 4,55,000.