Guideline Value for Patel St

Patel St guideline value

The current guideline value of Patel St in Chitlapakkam village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - III.

How the guideline value of Patel St has changed

Since the 2012 revision, the guideline value for Patel St has seen several changes. The 2012 revision set the value at Rs 1,500 per sq.ft, which was a decrease of 33% from the 2017 revision, where the value was Rs 1,005 per sq.ft. The next revision in 2023 increased the value to Rs 1,500 per sq.ft, and the most recent revision in 2024 raised it further to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is equal to the 2024 figure for Patel St.

• Pattinaththar Street: Rs 1,650 per sq.ft (2024)
• PattuKottai Alagiri Nagar: Rs 1,100 per sq.ft (2024)
• Pattukottai Alagiri Street: Rs 1,650 per sq.ft (2024)
• Parthipan Street: Rs 1,100 per sq.ft (2024)
• Pari Street: Rs 1,650 per sq.ft (2024)
• Periyar 1-st Cross St: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Patel St

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Patel St?

The Patel St 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 information.

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

The guideline value is a crucial factor during the registration of property transactions in Chitlapakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark for both parties to agree upon a sale price. It is essential to consider the guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Patel St?

The current guideline value of Patel St is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,650 per sq.ft in 2024, with various fluctuations in between, including a decrease in 2017.

What is the land classification for Patel St?

Patel St is classified as Residential Class I Type - III under the Tambaram Joint 1 SRO.

Where can I find the Sub Registrar Office for Patel St?

The Sub Registrar Office covering Patel St is located at No.26, mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 16,50,000 would incur a stamp duty of Rs 1,15,500 at 7%.