Guideline Value for Patel Nagar

Patel Nagar guideline value

The current guideline value of Patel Nagar in Perumattu Nellore village is Rs 500 per sq.ft, effective from 1 July 2024. This area falls under the Chengleput Joint II SRO and is classified as Residential Class I Type - I.

How the guideline value of Patel Nagar has changed

The guideline value for Patel Nagar has seen several revisions over the years. The earliest available figure is from 2007, where the guideline value was Rs 120 per sq.ft. This increased significantly to Rs 500 per sq.ft in 2012, marking a 317% increase. However, from 2012 to 2017, there was a decrease to Rs 335 per sq.ft, which is a reduction of 33%. The value then rose again to Rs 500 per sq.ft in 2023, and it has remained unchanged at Rs 500 per sq.ft in the 2024 revision.

Between the 2017 and 2023 revisions, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 317%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Perumattu Nellore

In Perumattu Nellore, there are 83 streets under the Chengleput Joint II SRO with a 2024 guideline value ranging from Rs 500 to Rs 2,850 per sq.ft. The median value for these streets is Rs 700 per sq.ft, placing Patel Nagar's 2024 figure below this median.

• Panbunagar: Rs 700 per sq.ft (2024)
• Pillayar Koil St: Rs 700 per sq.ft (2024)
• N.P.Nagar: Rs 1,717 per sq.ft (2024)
• Radiant Avenue: Rs 2,500 per sq.ft (2024)
• Rajaji Avenue: Rs 800 per sq.ft (2024)
• Rajaji Nagar: Rs 800 per sq.ft (2024)

Stamp duty and registration fee for property in Patel Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 500 per sq.ft, the total guideline value amounts to Rs 5,00,000. The stamp duty at 7% would be Rs 35,000, and the registration fee at 2% would be Rs 10,000, leading to a total of Rs 45,000. 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 details.

Which Sub Registrar Office covers Patel Nagar?

The Patel Nagar area is covered by the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, 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 Perumattu Nellore

The guideline value plays a crucial role during the registration of property transactions in Perumattu Nellore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these charges are based on the higher of the guideline value or the sale price, ensuring that all transactions are conducted fairly and transparently.

Frequently asked questions

What is the current guideline value of Patel Nagar?

The current guideline value of Patel Nagar is Rs 500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent being Rs 500 per sq.ft in 2024, which remains unchanged from 2023. The value was Rs 335 per sq.ft in 2017 and Rs 500 per sq.ft in 2012.

What is the stamp duty rate for property transactions in Patel Nagar?

The stamp duty rate for property transactions in Patel Nagar is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Patel Nagar located?

The Chengleput Joint II Sub Registrar Office for Patel Nagar is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

What are the other streets in Perumattu Nellore with their guideline values?

Other streets in Perumattu Nellore include Panbunagar and Pillayar Koil St at Rs 700 per sq.ft, N.P.Nagar at Rs 1,717 per sq.ft, Radiant Avenue at Rs 2,500 per sq.ft, and Rajaji Avenue and Rajaji Nagar at Rs 800 per sq.ft.