Guideline Value for Patel Nagar 2nd street

Patel Nagar 2nd street guideline value

The current guideline value of Patel Nagar 2nd street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village under the Royapuram SRO, classified as Residential Class II Type - I.

How the guideline value of Patel Nagar 2nd street has changed

The guideline value for Patel Nagar 2nd street has seen several revisions over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased to Rs 1,200 per sq.ft in 2012, marking a 100% rise. However, the value then decreased to Rs 804 per sq.ft in 2017, reflecting a 33% drop. The value rose again to Rs 1,200 per sq.ft in 2023, and subsequently increased to Rs 1,300 per sq.ft in 2024, representing an 8% increase.

From 2017 to 2023, the guideline value increased significantly by 49%. Overall, from the 2007 revision to the current 2024 rate, the guideline value has risen by 117%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO, with guideline values ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Patel Nagar 2nd street's current value below the median.

• Patel Nagar 1st street: Rs 1,300 per sq.ft (2024)
• Patel Nagar 3rd street: Rs 1,300 per sq.ft (2024)
• Patel Nagar 4th street: Rs 1,300 per sq.ft (2024)
• Patel Nagar Main Road: Rs 1,300 per sq.ft (2024)
• Parthasarathy Street 5th Lane: Rs 2,700 per sq.ft (2024)
• Parthasarathy Street 4th Lane: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Patel Nagar 2nd street

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, bringing the total cost for these fees to Rs 1,17,000. It is important to note that the 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 Nagar 2nd street?

The Patel Nagar 2nd street falls under the jurisdiction of the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. For more information, you can find your SRO.

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

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

When registering a property, the guideline value is considered alongside the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that the transaction is recorded accurately and in compliance with local regulations.

Frequently asked questions

What is the current guideline value of Patel Nagar 2nd street?

The current guideline value of Patel Nagar 2nd street 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 600 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, reflecting an overall increase of 117% over the years.

What are the stamp duty and registration fees for property in Patel Nagar 2nd street?

For a 1,000 sq.ft property valued at Rs 1,300 per sq.ft, the total guideline value is Rs 13,00,000, with stamp duty of Rs 91,000 and a registration fee of Rs 26,000, totaling Rs 1,17,000.

Which office handles registrations for Patel Nagar 2nd street?

The Royapuram Sub Registrar Office handles registrations for Patel Nagar 2nd street, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

What is the land classification for Patel Nagar 2nd street?

Patel Nagar 2nd street is classified as Residential Class II Type - I, indicating its designation for residential use.