Guideline Value for PATEL STREET

Patel Street guideline value

The current guideline value of Patel Street in Arumbakkam village, under the Kodambakkam SRO, is Rs 6,000 per sq.ft, effective from 1 July 2024. This land is classified as Residential Special Type - II.

How the guideline value of Patel Street has changed

Over the years, the guideline value of Patel Street has undergone several revisions. The earliest recorded figure is from 2002, with a guideline value of Rs 414 per sq.ft. This increased to Rs 456 per sq.ft in 2003, marking a 10% rise. The value saw a significant jump to Rs 1,050 per sq.ft in 2007, reflecting a 130% increase. In 2012, the figure was Rs 5,500 per sq.ft, which was a substantial increase of 424% from the previous revision. However, this value dropped to Rs 3,685 per sq.ft in 2017, showing a decrease of 33%.

From 2017 to 2023, the guideline value rose sharply to Rs 5,500 per sq.ft, reflecting a 49% increase. The most recent revision in 2024 set the value at Rs 6,000 per sq.ft, which is a 9% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 1349%.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value for these streets is Rs 6,000 per sq.ft, which matches the current guideline value of Patel Street.

• Pari Street: Rs 3,800 per sq.ft (2024)
• Parijathammal Street: Rs 6,000 per sq.ft (2024)
• Periyapalayathamman Street: Rs 3,300 per sq.ft (2024)
• Parasakthi Nagar: Rs 3,300 per sq.ft (2024)
• Panchaliamman Koil Street: Rs 7,500 per sq.ft (2024)
• Perumal Koil Garden Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Patel Street

For a 1,000 sq.ft plot at the current rate of Rs 6,000 per sq.ft, the guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total to Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Patel Street?

The Sub Registrar Office that covers Patel Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Arumbakkam. It serves as a benchmark for determining the minimum value of a property, ensuring that the transaction is recorded at a fair value. This value is used to calculate the stamp duty and registration fees applicable during the sale or purchase of property.

When a buyer or seller engages in a transaction, the guideline value helps in establishing the official value of the property for legal purposes. It is essential to be aware of the current guideline value to ensure compliance with local regulations during property registration.

Frequently asked questions

What is the current guideline value of Patel Street?

The current guideline value of Patel Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 414 per sq.ft in 2002 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 1349% over this period.

What is the land classification for Patel Street?

Patel Street is classified as Residential Special Type - II, which is important for determining usage and development regulations.

Where can I find the Kodambakkam Sub Registrar Office?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is stamp duty calculated for property in Patel Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000 at a rate of 7%.