Guideline Value for Patchaiappan Nagar (Ward-02)

Patchaiappan Nagar (Ward-02) guideline value

The current guideline value of Patchaiappan Nagar (Ward-02) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village under the Madhavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of Patchaiappan Nagar (Ward-02) has changed

In the 2012 revision, the guideline value was set at Rs 1,200 per sq.ft. This figure remained unchanged through the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, marking an 8% rise from the previous year. The register has no figures for the years 2002, 2003, 2007, and 2017 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. This consistent rise reflects the adjustments made in the region over the years.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value is Rs 1,600 per sq.ft, placing Patchaiappan Nagar's 2024 figure below this median.

• Patchaiappan Nagar Extention (Ward 29): Rs 1,300 per sq.ft (2024)
• Patchaiyammal Nagar: Rs 1,300 per sq.ft (2024)
• Patchaiamman 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 Patchaiappan Nagar (Ward-02)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to 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, making the total cost for these fees Rs 1,17,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Patchaiappan Nagar (Ward-02)?

The Sub Registrar Office that covers Patchaiappan Nagar (Ward-02) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the higher value between the guideline value and the sale price is used to calculate the stamp duty. This ensures that the fees are based on a fair assessment of the property's value according to the current guidelines.

Frequently asked questions

What is the current guideline value of Patchaiappan Nagar (Ward-02)?

The current guideline value of Patchaiappan Nagar (Ward-02) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024. There was no change in the value from 2012 to 2023, and the register has no figures for the years 2002, 2003, 2007, and 2017.

What are the stamp duty and registration fees in Patchaiappan Nagar?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,17,000.

What is the land classification of Patchaiappan Nagar?

Patchaiappan Nagar is classified as Residential Class III Type - I. This classification indicates the type of development and usage permitted in the area.

Where can I find the Sub Registrar Office for Patchaiappan Nagar?

The Madhavaram Sub Registrar Office covers Patchaiappan Nagar and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more information about your SRO online.