Guideline Value for PATEL STREET

Patel Street guideline value

The current guideline value of Patel Street in Chembarambakkam village, under the Poonamallee SRO, is Rs 878 per sq.ft. This value is effective from the 1st of July 2024 and falls under the Residential Class I Type - V land classification.

How the guideline value of Patel Street has changed

The guideline value for Patel Street has seen a change from Rs 800 per sq.ft in the 2023 revision to Rs 878 per sq.ft in the 2024 revision, marking an increase of 10%. The register does not contain figures for the revisions in 2017, 2012, 2007, 2003, and 2002 for this street.

In 2023, the value was Rs 800 per sq.ft, while the current value of Rs 878 per sq.ft reflects the latest revision. The previous revisions have no figures available in the register for Patel Street, indicating that the value has only been established in recent years.

Guideline values in Chembarambakkam

In Chembarambakkam, there are 64 streets under the Poonamallee SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 4,000 per sq.ft, with a median value of Rs 1,100 per sq.ft. The guideline value of Patel Street is below this median.

• Patel Street 97/4c,4i,4j,5,6,7,8,9,10: Rs 878 per sq.ft (2024)
• Pattammal Nagar: Rs 1,540 per sq.ft (2024)
• Peeraiyampathu Arijana Colony: Rs 878 per sq.ft (2024)
• Padavetamman Nagar: Rs 1,100 per sq.ft (2024)
• Om Paragadeeswarar Nagar: Rs 1,100 per sq.ft (2024)
• Olympia Mithila: Rs 2,800 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 878 per sq.ft, the total guideline value amounts to Rs 8,78,000. The stamp duty at 7% would be Rs 61,460, and the registration fee at 2% would be Rs 17,560, bringing the total fees to Rs 79,020. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Patel Street?

The Patel Street falls under the jurisdiction of the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions as it determines the minimum value at which a property can be registered. When buying or selling property, this value is used to calculate the stamp duty and registration fees, which are mandatory costs incurred during the transaction.

It is essential for buyers and sellers to be aware of the guideline value to ensure compliance with local regulations and to understand the financial implications of their property transactions in Chembarambakkam.

Frequently asked questions

What is the current guideline value of Patel Street?

The current guideline value of Patel Street is Rs 878 per sq.ft, effective from July 1, 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 800 per sq.ft in 2023 to Rs 878 per sq.ft in 2024, reflecting a 10% rise. There are no figures available for the revisions in 2017, 2012, 2007, 2003, and 2002 for this street.

What is the land classification of Patel Street?

Patel Street is classified under Residential Class I Type - V. This classification indicates the intended use of the land for residential purposes.

What are the registration fees for a property in Patel Street?

The registration fees for a property in Patel Street include a stamp duty of 7% and a registration fee of 2% based on the guideline value. For example, a 1,000 sq.ft plot would incur total fees of Rs 79,020.

Where is the Poonamallee Sub Registrar Office located?

The Poonamallee Sub Registrar Office is located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. This office handles registrations for properties in Patel Street and surrounding areas.