Guideline Value for PATEL ROAD

Patel Road guideline value

The current guideline value of Patel Road in Nerkundram village, under the Virugambakkam SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Patel Road has changed

The guideline value for Patel Road has seen several revisions over the years. Starting with the 2002 revision, the value was Rs 132 per sq.ft. This increased to Rs 146 per sq.ft in 2003, marking an increase of 11%. The value then rose significantly to Rs 500 per sq.ft in 2007, a change of 242%. In 2012, the guideline value was Rs 2,500 per sq.ft, reflecting a decrease of 33% from the previous revision. The 2017 revision set the value at Rs 1,675 per sq.ft, which was an increase of 49% from 2012. The most recent revisions show an increase to Rs 2,500 per sq.ft in 2023, followed by the current value of Rs 2,750 per sq.ft in 2024, which is a 10% increase.

There are no figures available for the revisions in the years not listed for this street. Overall, from 2002 to 2024, the guideline value has increased by 1983%.

Guideline values in Nerkundram

Nerkundram has a total of 476 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value in the village is Rs 2,200 per sq.ft, placing Patel Road's 2024 figure above that median.

• PEOPLE FLATS (P.H.Road): Rs 5,500 per sq.ft (2024)
• Park Avenue: Rs 2,750 per sq.ft (2024)
• Parameswari Koil Street: Rs 2,750 per sq.ft (2024)
• Periyar High Road: Rs 5,500 per sq.ft (2024)
• Pallikuda Main Road: Rs 2,750 per sq.ft (2024)
• Pallikuda 2nd West Street: Rs 2,750 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 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Patel Road?

The Sub Registrar Office that covers Patel Road is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Nerkundram. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is officially recognized and recorded in the local land registry.

Frequently asked questions

What is the current guideline value of Patel Road?

The current guideline value of Patel Road is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 132 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 1983% over the years.

What are the stamp duty and registration fees for properties on Patel Road?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers Patel Road?

The Virugambakkam Sub Registrar Office covers Patel Road, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Patel Road?

The land classification for Patel Road is Residential Class III Type - I, indicating its designated use for residential purposes.