Guideline Value for Patel Nagar Main Road

Patel Nagar Main Road guideline value

The current guideline value of Patel Nagar Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024. This road 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 Main Road has changed

The guideline value for Patel Nagar Main Road has seen several revisions over the years. In 2007, the value was Rs 600 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012, marking a 567% rise. However, this value decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. The following revision in 2023 set the value at Rs 4,000 per sq.ft, which was a 49% increase from the previous figure. The most recent revision in 2024 raised the guideline value to Rs 4,400 per sq.ft, reflecting a 10% increase from 2023.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 633%.

Guideline values in Tambaram

In Tambaram village, 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 value for these streets is Rs 3,300 per sq.ft, and Patel Nagar Main Road's 2024 figure is above this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total 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.

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

Which Sub Registrar Office covers Patel Nagar Main Road?

The Sub Registrar Office that covers Patel Nagar Main Road 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 is a crucial factor in the registration process when buying or selling property in Tambaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

When a property is sold, the buyer typically pays stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Patel Nagar Main Road?

The current guideline value of Patel Nagar Main Road 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 significantly over the years, with the most recent figure being Rs 4,400 per sq.ft in 2024, up from Rs 4,000 per sq.ft in 2023. The value has increased by 633% from Rs 600 per sq.ft in 2007.

What are the stamp duty and registration fees for property in Patel Nagar Main Road?

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be 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 Sub Registrar Office covers Patel Nagar Main Road?

The Tambaram Joint 1 Sub Registrar Office covers Patel Nagar Main Road, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the land classification for Patel Nagar Main Road?

The land classification for Patel Nagar Main Road is Residential Special Type - II, indicating its designation for residential purposes.