Guideline Value for PATTARAVAKKAM SERVICE ROAD

Pattaravakkam Service Road guideline value

The current guideline value of Pattaravakkam Service Road is Rs 2,900 per sq.ft, effective from 1 July 2024. This road is located in Korattur village under the Villivakkam SRO, classified as Residential Class II Type - II.

How the guideline value of Pattaravakkam Service Road has changed

In the 2012 revision, the guideline value was Rs 2,700 per sq.ft. This value remained unchanged until the 2023 revision, which also recorded Rs 2,700 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 2,900 per sq.ft, reflecting a 7% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, there has been a total increase of 7%. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, making the guideline value of Pattaravakkam Service Road higher than the median.

• Pattammal Nagar: Rs 2,100 per sq.ft (2024)
• Pasumpon Nagar /Streets/ Avenue: Rs 2,100 per sq.ft (2024)
• Pasumpon Nagar Extension 3,4,5 Avenue 4th Main Road: Rs 2,100 per sq.ft (2024)
• Pasumpon Nagar Extension: Rs 2,100 per sq.ft (2024)
• Pasumpon Nagar 1st Main Road: Rs 2,100 per sq.ft (2024)
• P.D.R Nagar: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Pattaravakkam Service Road

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 29,00,000. The stamp duty at 7% would be Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, totaling Rs 2,61,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Pattaravakkam Service Road?

The Pattaravakkam Service Road falls under the jurisdiction of the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process for property transactions in Korattur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the buyer must ensure that the transaction is registered at the Villivakkam SRO, where the guideline value will be used to calculate the applicable fees. This ensures compliance with local regulations and helps in the proper documentation of property ownership.

Frequently asked questions

What is the current guideline value of Pattaravakkam Service Road?

The current guideline value of Pattaravakkam Service Road is Rs 2,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 2,700 per sq.ft in 2023 to Rs 2,900 per sq.ft in 2024, marking a 7% increase.

What is the land classification for Pattaravakkam Service Road?

Pattaravakkam Service Road is classified as Residential Class II Type - II.

Where can I find the Sub Registrar Office for Pattaravakkam Service Road?

The Villivakkam Sub Registrar Office, which covers Pattaravakkam Service Road, is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 29,00,000 would incur a stamp duty of Rs 2,03,000 at 7%.