Guideline Value for Patel Nagar Main Road

Patel Nagar Main Road guideline value

The current guideline value of Patel Nagar Main Road is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village, under the jurisdiction of the Royapuram SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Patel Nagar Main Road has changed

Over the years, the guideline value of Patel Nagar Main Road has undergone several revisions. The earliest recorded figure is from 2007, where the value was Rs 600 per sq.ft. This increased significantly to Rs 1,200 per sq.ft in 2012, marking a 100% rise. The value remained unchanged at Rs 1,200 per sq.ft until the 2023 revision, which again saw no change, maintaining the same rate. The latest revision in 2024 brought the guideline value up to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2017 for this street. Overall, from 2007 to 2024, the guideline value has increased by 117%.

Guideline values in Tondaiarpet

In Tondaiarpet village, there are 1,384 streets under the Royapuram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 10,100 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value of Patel Nagar Main Road is below this median.

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

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 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.

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

Which Sub Registrar Office covers Patel Nagar Main Road?

The Sub Registrar Office that covers Patel Nagar Main Road is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. You can find your SRO for more details.

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 minimum value at which property transactions can be registered, ensuring that the property is not undervalued.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees applicable to the transaction. This ensures that all parties involved are aware of the financial obligations related to the transfer of property ownership.

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 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 1,300 per sq.ft in 2024, marking a total increase of 117% over the years.

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

For a 1,000 sq.ft property at the current guideline value, the total stamp duty is Rs 91,000 and the registration fee is Rs 26,000, totaling Rs 1,17,000.

Which Sub Registrar Office covers Patel Nagar Main Road?

The Royapuram Sub Registrar Office covers Patel Nagar Main Road, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

What is the land classification for Patel Nagar Main Road?

The land classification for Patel Nagar Main Road is Residential Class II Type - I, indicating its suitability for residential development.