Guideline Value for Patchaiamman Nagar

Patchaiamman Nagar guideline value

The current guideline value of Patchaiamman Nagar, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area falls under Residential Class III Type - I land classification.

How the guideline value of Patchaiamman Nagar has changed

The guideline value for Patchaiamman Nagar has seen revisions over the years. In the 2012 revision, the value was set at Rs 1,200 per sq.ft. This figure remained unchanged through the 2023 revision, which also recorded Rs 1,200 per sq.ft. However, with the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, marking an 8% rise from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2017 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value of Patchaiamman Nagar is below this median.

• Patchaiappan Nagar Extention (Ward 29): Rs 1,300 per sq.ft (2024)
• Patchaiappan Nagar (Ward-02): Rs 1,300 per sq.ft (2024)
• Patchaiyammal Nagar: Rs 1,300 per sq.ft (2024)
• Patchaiyappan Colony: Rs 1,300 per sq.ft (2024)
• Patchiappan Colony (Ward-29): Rs 1,300 per sq.ft (2024)
• Patel St, Ponniammanmedu (Ward-22): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Patchaiamman Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value is Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, resulting in a total cost of Rs 1,17,000. Please note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Patchaiamman Nagar?

The Sub Registrar Office that covers Patchaiamman Nagar is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial reference point when buying or selling property in Madhavaram. It is used to determine the stamp duty and registration fees applicable during the transaction, ensuring that both parties are aware of the financial obligations involved.

When registering a property, buyers must consider the guideline value as it influences the overall costs associated with the transaction. The registration office uses this value to calculate the necessary fees, making it essential for buyers to be informed about the current rates.

Frequently asked questions

What is the current guideline value of Patchaiamman Nagar?

The current guideline value of Patchaiamman Nagar is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, marking an overall increase of 8%.

What are the stamp duty and registration fees for property in Patchaiamman Nagar?

The stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 13,00,000, the total fees would amount to Rs 1,17,000.

Which Sub Registrar Office covers Patchaiamman Nagar?

The Madhavaram Sub Registrar Office covers Patchaiamman Nagar, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Patchaiamman Nagar?

Patchaiamman Nagar falls under Residential Class III Type - I land classification.