Guideline Value for Patel Street (Ponniamman Medu)

Patel Street (Ponniamman Medu) guideline value

The current guideline value of Patel Street (Ponniamman Medu) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Patel Street (Ponniamman Medu) has changed

The guideline value for Patel Street has undergone several revisions over the years. In 2012, the value was set at Rs 1,200 per sq.ft. This saw a significant decrease to Rs 804 per sq.ft in 2017, marking a drop of 33%. However, from 2017 to 2023, there was a substantial increase of 49%, bringing the value up to Rs 1,200 per sq.ft. The most recent revision in 2024 has set the guideline value at Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

It is important to note that there are no figures available for Patel Street in the revisions of 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing Patel Street's 2024 figure below that median.

• Patel Street (Ward No.22): Rs 1,300 per sq.ft (2024)
• Patel St, Ponniammanmedu (Ward-22): Rs 1,300 per sq.ft (2024)
• Patchiappan Colony (Ward-29): Rs 1,300 per sq.ft (2024)
• Patchaiyappan Colony: Rs 1,300 per sq.ft (2024)
• Patchaiyammal Nagar: Rs 1,300 per sq.ft (2024)
• Patchaiappan Nagar (Ward-02): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Patel Street (Ponniamman Medu)

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 to Rs 1,17,000. It is important to note that 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 Street (Ponniamman Medu)?

The Sub Registrar Office that covers Patel Street (Ponniamman Medu) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the buyer is required to pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as determined by the guideline value register.

Frequently asked questions

What is the current guideline value of Patel Street (Ponniamman Medu)?

The current guideline value of Patel Street (Ponniamman Medu) 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 seen several revisions: Rs 1,200 per sq.ft in 2012, Rs 804 per sq.ft in 2017, Rs 1,200 per sq.ft in 2023, and Rs 1,300 per sq.ft in 2024. Notably, there are no figures for the years 2002, 2003, and 2007.

What is the registration office for Patel Street (Ponniamman Medu)?

The registration office for Patel Street (Ponniamman Medu) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for property in Madhavaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 13,00,000, the stamp duty at 7% would be Rs 91,000.

What are the guideline values for other streets in Madhavaram?

Other streets in Madhavaram have guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft. For example, Patel Street (Ward No.22) and Patchiappan Colony both have a guideline value of Rs 1,300 per sq.ft in 2024.