Guideline Value for Patchiappan Colony (Ward-29)

Patchiappan Colony (Ward-29) guideline value

The current guideline value of Patchiappan Colony (Ward-29) 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 Patchiappan Colony (Ward-29) has changed

The guideline value for Patchiappan Colony has undergone several revisions over the years. The 2012 revision set the rate at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. The subsequent 2023 revision increased the value to Rs 1,200 per sq.ft, followed by the latest 2024 revision, which raised it to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

From the 2017 revision to 2023, there was a significant increase of 49%. However, the period from 2012 to 2017 saw a decrease of 33%. Overall, comparing the figures from 2012 to 2024, there has been an increase of 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a guideline value for 2024, 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 for Patchiappan Colony is below this median.

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

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value totals Rs 13,00,000. The stamp duty at 7% amounts to Rs 91,000, while the registration fee at 2% is Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Patchiappan Colony (Ward-29)?

The Sub Registrar Office covering Patchiappan Colony (Ward-29) 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 crucial factor in the registration process for properties in Madhavaram. It determines the minimum value at which a property can be registered and is used to calculate the applicable stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair price, reflecting the current market conditions. Buyers and sellers should be aware of these values to facilitate a smooth registration process.

Frequently asked questions

What is the current guideline value of Patchiappan Colony?

The current guideline value of Patchiappan Colony (Ward-29) 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 changed from Rs 1,200 per sq.ft in 2023 to Rs 1,300 per sq.ft in 2024, an increase of 8%. It was Rs 804 per sq.ft in 2017, showing a 49% increase to 2023.

What is the land classification for Patchiappan Colony?

Patchiappan Colony is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is stamp duty calculated for properties in Patchiappan Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 13,00,000 incurs a stamp duty of Rs 91,000 at 7%.