Guideline Value for PATEL STREET

Patel Street guideline value

The current guideline value of Patel Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mambalam village, under the Thiyagaraya nagar SRO, and is classified as 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 value was Rs 857 per sq.ft, which increased to Rs 1,103 per sq.ft in 2003, marking a rise of 29%. Following this, the value jumped significantly to Rs 2,000 per sq.ft in 2007, reflecting an increase of 81%. The 2012 revision saw the value rise to Rs 8,000 per sq.ft, a substantial increase of 300% from the previous figure. However, the value dropped to Rs 5,360 per sq.ft in 2017, a decrease of 33%. The 2023 revision brought the value back up to Rs 8,000 per sq.ft, and the most recent 2024 revision has set the guideline value at Rs 8,800 per sq.ft, which is a 10% increase from 2023.

It is important to note that there are no figures available for the revisions in the years not mentioned in this article. Overall, from 2002 to 2024, the guideline value has increased by 927%.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO with a 2024 guideline value ranging from Rs 4,400 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, making Patel Street's 2024 figure of Rs 8,800 per sq.ft above the median.

• Panneerselavm Nagar: Rs 6,600 per sq.ft (2024)
• Pandian Street Northern Side Of Fifth Main Road: Rs 6,600 per sq.ft (2024)
• Palmore Street: Rs 4,400 per sq.ft (2024)
• Periyar Street: Rs 6,600 per sq.ft (2024)
• Perumal Koil Lane: Rs 5,000 per sq.ft (2024)
• Perumal Koil Street: Rs 6,600 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 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000. Together, the total cost for these fees would be Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more information, 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 Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for further assistance.

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

The guideline value is a critical factor when buying or selling property in Mambalam. It is used to determine the stamp duty and registration fees applicable during the registration process. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value serves as a benchmark for assessing the transaction value. This ensures that the fees collected are based on a standardized valuation, which helps maintain transparency in property transactions.

Frequently asked questions

What is the current guideline value of Patel Street?

The current guideline value of Patel Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 857 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, marking an overall increase of 927%.

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

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Which office handles registrations for Patel Street?

The Thiyagaraya nagar Sub Registrar Office handles registrations for Patel Street, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

What is the land classification for Patel Street?

Patel Street is classified as Residential Special Type - II under the local land classification guidelines.