Guideline Value for Patel Nagar 2nd Street

Patel Nagar 2nd Street guideline value

The current guideline value of Patel Nagar 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Tambaram village, under the Tambaram Joint 1 SRO, and is classified as Residential Special Type - II.

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

In the 2012 revision, the guideline value was Rs 4,000 per sq.ft. This figure then decreased to Rs 2,680 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 4,000 per sq.ft. The latest revision in 2024 has set the guideline value at Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for Patel Nagar 2nd Street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Tambaram

In Tambaram, there are 360 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 8,250 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, making the 2024 figure for Patel Nagar 2nd Street above that median.

• Patel Nagar 1-st Street: Rs 4,400 per sq.ft (2024)
• Patel Nagar 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• Patel Nagar Main Road: Rs 4,400 per sq.ft (2024)
• Park Street: Rs 1,650 per sq.ft (2024)
• Pappammal Nagar: Rs 2,200 per sq.ft (2024)
• Panchayat Colony: Rs 1,320 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 rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Patel Nagar 2nd Street?

The Sub Registrar Office that covers Patel Nagar 2nd Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Tambaram. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations.

When registering a property, the guideline value is compared to the sale price. The higher of the two figures is used to calculate the applicable duties and fees. This ensures that the registration process reflects the true value of the property being transferred.

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 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then back to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

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

Patel Nagar 2nd Street is classified as Residential Special Type - II.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Patel Nagar 2nd Street?

The Tambaram Joint 1 Sub Registrar Office handles registrations for Patel Nagar 2nd Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.