Guideline Value for Patel Nagar 3rd Cross Street

Patel Nagar 3rd Cross Street guideline value

The current guideline value of Patel Nagar 3rd Cross 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 3rd Cross Street has changed

Over the years, the guideline value of Patel Nagar 3rd Cross Street has seen several revisions. The 2012 revision set the value at Rs 4,000 per sq.ft, which was then reduced to Rs 2,680 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back to Rs 4,000 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 4,400 per sq.ft, marking a 10% rise from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this 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, with a median value of Rs 3,300 per sq.ft. The guideline value of Patel Nagar 3rd Cross Street is above this median.

• Patel Nagar 2nd Street: Rs 4,400 per sq.ft (2024)
• Patel Nagar Main Road: Rs 4,400 per sq.ft (2024)
• Patel Nagar 1-st Street: 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 3rd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total 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, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Patel Nagar 3rd Cross Street?

The Patel Nagar 3rd Cross Street falls under 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 details.

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

The guideline value plays a crucial role in property transactions in Tambaram. It is the basis for calculating stamp duty and registration fees when buying or selling property. Buyers must be aware of the guideline value to understand the financial implications of their transactions.

When a property is registered, the higher amount between the guideline value and the sale price is used to determine the applicable fees. This ensures that all transactions are fairly assessed based on the established guideline values.

Frequently asked questions

What is the current guideline value of Patel Nagar 3rd Cross Street?

The current guideline value of Patel Nagar 3rd Cross 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 2023 to Rs 4,400 per sq.ft in 2024, marking a 10% increase. It was Rs 2,680 per sq.ft in 2017 and Rs 4,000 per sq.ft in 2012, showing a significant increase over the years.

What is the land classification of Patel Nagar 3rd Cross Street?

Patel Nagar 3rd Cross Street is classified as Residential Special Type - II, indicating its designated use within the local planning framework.

Where can I find the Sub Registrar Office for Patel Nagar 3rd Cross Street?

The Sub Registrar Office covering Patel Nagar 3rd Cross Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in Patel Nagar 3rd Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, if the guideline value is Rs 44,00,000 for a 1,000 sq.ft plot, the stamp duty would be calculated on this amount.