Guideline Value for Patchaiappan Nagar

Patchaiappan Nagar guideline value

The current guideline value of Patchaiappan Nagar is Rs 7,100 per sq.ft, effective from 1 July 2024. This area is located in 1. Nolambur village, under the Villivakkam SRO, and is classified as Residential Special Type - I.

How the guideline value of Patchaiappan Nagar has changed

The guideline value for Patchaiappan Nagar has undergone several revisions over the years. The 2017 revision set the value at Rs 4,355 per sq.ft, which was then increased to Rs 6,500 per sq.ft in the 2023 revision. The most recent 2024 revision has raised the guideline value to Rs 7,100 per sq.ft, reflecting a 9% increase from 2023 and a substantial 63% increase from the 2017 revision.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. The changes between the revisions highlight a significant increase in the guideline value, particularly from 2017 to 2024, which showcases the evolving nature of property values in this area.

Guideline values in 1. Nolambur

In 1. Nolambur, there are 73 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median value is Rs 7,100 per sq.ft, which is equal to the current guideline value of Patchaiappan Nagar.

• Parkrest Apartments: Rs 7,100 per sq.ft (2024)
• Periyanolambur: Rs 3,300 per sq.ft (2024)
• Panjamuga Sivan Koil Street: Rs 4,355 per sq.ft (2024)
• Perumal Koil Street: Rs 3,700 per sq.ft (2024)
• Padasalai Street: Rs 3,300 per sq.ft (2024)
• Pacific City: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Patchaiappan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total fees to Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Patchaiappan Nagar?

The Sub Registrar Office that covers Patchaiappan Nagar is 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 1. Nolambur

The guideline value is a crucial factor in the registration of property transactions in 1. Nolambur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. This value is particularly important for calculating the stamp duty and registration fees, which are necessary for completing the transaction legally.

Frequently asked questions

What is the current guideline value of Patchaiappan Nagar?

The current guideline value of Patchaiappan Nagar is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 4,355 per sq.ft in 2017 to Rs 6,500 per sq.ft in 2023, and now to Rs 7,100 per sq.ft in 2024. This represents a total increase of 63% from 2017 to 2024.

What is the land classification of Patchaiappan Nagar?

Patchaiappan Nagar is classified as Residential Special Type - I, indicating its designation for residential purposes within the area.

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

The Sub Registrar Office for Patchaiappan Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Patchaiappan Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 at a rate of 7%.