Guideline Value for Patel Cross Street

Patel Cross Street guideline value

The current guideline value of Patel Cross Street in Hastinapuram village is Rs 2,970 per sq.ft, effective from 1 July 2024. This property falls under the Pallavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Patel Cross Street has changed

The guideline value for Patel Cross Street has undergone several revisions over the years. In 2007, the guideline value was Rs 525 per sq.ft, which increased significantly to Rs 2,700 per sq.ft in 2012. However, it then decreased to Rs 1,809 per sq.ft in 2017. The value saw a substantial increase to Rs 2,700 per sq.ft in 2023, and currently stands at Rs 2,970 per sq.ft as of the 2024 revision. There are no figures available for the revisions in 2002 and 2003 for this street.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, it rose by 10%. The period from 2007 to 2012 saw an increase of 414%, while the overall change from 2007 to 2024 reflects a significant increase of 466%.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, which matches the current guideline value of Patel Cross Street.

• Patel Street: Rs 2,970 per sq.ft (2024)
• Paul Victor Street: Rs 3,850 per sq.ft (2024)
• Periyar Salai: Rs 3,850 per sq.ft (2024)
• Perundeviamman Street: Rs 1,650 per sq.ft (2024)
• Padmanban Street: Rs 2,970 per sq.ft (2024)
• Padmanabha Nagar Nalvar Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Patel Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total fees to Rs 2,67,300. It is important to note that stamp duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Patel Cross Street?

The Patel Cross Street is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role during the registration process of property transactions in Hastinapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value is essential for calculating the applicable stamp duty and registration fees, which are based on the higher of the guideline value or the sale price. This ensures transparency and compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value of Patel Cross Street?

The current guideline value of Patel Cross Street is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 525 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, reflecting an overall increase of 466% since 2007.

What are the stamp duty and registration fees for property in Patel Cross Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 29,70,000. The stamp duty at 7% is Rs 2,07,900, and the registration fee at 2% is Rs 59,400, totaling Rs 2,67,300.

Which Sub Registrar Office covers Patel Cross Street?

The Pallavaram Sub Registrar Office covers Patel Cross Street, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification of Patel Cross Street?

Patel Cross Street is classified as Residential Class I Type - I, which indicates its suitability for residential purposes.