Guideline Value for PATEL ST

Patel St guideline value

The current guideline value of Patel St in Vilingiyambakkam village is Rs 935 per sq.ft, effective from 1 July 2024. This street falls under the Avadi SRO and is classified as Residential Class II Type - II.

How the guideline value of Patel St has changed

In the 2012 revision, the guideline value was Rs 850 per sq.ft. This figure decreased to Rs 569 per sq.ft in the 2017 revision, marking a decline of 33%. The value then increased significantly to Rs 850 per sq.ft in the 2023 revision, followed by another increase to Rs 935 per sq.ft in the 2024 revision, which represents a 10% rise. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, the guideline value saw a substantial increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%, reflecting the changes in the local real estate landscape.

Guideline values in Vilingiyambakkam

In Vilingiyambakkam, there are 252 streets under the Avadi SRO with a guideline value for 2024 ranging from Rs 800 to Rs 4,400 per sq.ft. The median guideline value is Rs 935 per sq.ft, placing Patel St at this median level.

• Patel St (West): Rs 935 per sq.ft (2024)
• Pandiyan St: Rs 935 per sq.ft (2024)
• Pandit Nehur St: Rs 800 per sq.ft (2024)
• Pandit Nehru Lane: Rs 800 per sq.ft (2024)
• Periyar St 8th Street: Rs 1,375 per sq.ft (2024)
• Periyar Street: Rs 1,625 per sq.ft (2024)

Stamp duty and registration fee for property in Patel St

For a 1,000 sq.ft plot at the current guideline value of Rs 935 per sq.ft, the total guideline value would be Rs 9,35,000. The stamp duty at 7% would amount to Rs 65,450, and the registration fee at 2% would be Rs 18,700, bringing the total fees together to Rs 84,150. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Patel St?

The Sub Registrar Office that covers Patel St is the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Vilingiyambakkam. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. This ensures that the government receives a fair revenue from property transactions based on the established guideline values.

When selling property, the guideline value can influence the selling price, as it provides a benchmark for both buyers and sellers. It is essential for both parties to understand the guideline value to facilitate a smooth transaction process.

Frequently asked questions

What is the current guideline value of Patel St?

The current guideline value of Patel St is Rs 935 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 850 per sq.ft in 2012 to Rs 569 per sq.ft in 2017, then increased to Rs 850 per sq.ft in 2023, and finally to Rs 935 per sq.ft in 2024.

What is the land classification of Patel St?

Patel St is classified as Residential Class II Type - II, indicating its suitability for residential purposes.

What are the stamp duty rates for property in Patel St?

The stamp duty for property in Patel St is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2%.

Where can I find the Sub Registrar Office for Patel St?

The Sub Registrar Office for Patel St is the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.