Guideline Value for PATEL STREET

Patel Street guideline value

The current guideline value of Patel Street in Puliyur village, under the Kodambakkam SRO, is Rs 7,100 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Patel Street has changed

The guideline value for Patel Street has seen several revisions over the years. In 2002, the guideline value was Rs 974 per sq.ft, which increased to Rs 1,070 per sq.ft in 2003, marking a 10% rise. The value then rose significantly to Rs 2,070 per sq.ft in 2007, reflecting a 93% increase. The next revision in 2012 saw the value remain at Rs 6,500 per sq.ft, and this figure was unchanged until the 2023 revision, which also recorded Rs 6,500 per sq.ft.

In 2024, the guideline value was revised to Rs 7,100 per sq.ft, which represents a 9% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 629%.

Guideline values in Puliyur

In Puliyur village, there are 648 streets under the Kodambakkam SRO, with guideline values ranging from Rs 3,300 to Rs 14,300 per sq.ft. The median guideline value in this area is Rs 5,800 per sq.ft, making Patel Street's 2024 figure above that median.

• Pasumarthi Street: Rs 7,100 per sq.ft (2024)
• Pasumarthi Lane: Rs 5,800 per sq.ft (2024)
• Park View Road: Rs 8,200 per sq.ft (2024)
• Pari Street: Rs 5,000 per sq.ft (2024)
• Parangusapuram Street: Rs 7,100 per sq.ft (2024)
• Parameswari Colony: Rs 5,800 per sq.ft (2024)

Stamp duty and registration fee for property in Patel Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total fees together to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more information.

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 details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Puliyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is considered to ensure that the transaction is documented at a value that reflects the current market conditions, thereby ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Patel Street?

The current guideline value of Patel Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 974 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, showing an overall increase of 629% over the years.

What is the land classification for Patel Street?

The land classification for Patel Street is Residential Special Type - II, which indicates the type of residential development allowed in the area.

What are the stamp duty and registration fees for property in Patel Street?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000, and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Where is the Sub Registrar Office for Patel Street located?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026, and it handles registrations for Patel Street.