Guideline Value for Patel Street (Venkateswara Nagar)

Patel Street (Venkateswara Nagar) guideline value

The current guideline value of Patel Street (Venkateswara Nagar) is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Oragadam village, under the Ambattur SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Patel Street (Venkateswara Nagar) has changed

Since the 2007 revision, the guideline value for Patel Street (Venkateswara Nagar) has seen significant changes. In 2007, the value was Rs 500 per sq.ft, which increased to Rs 1,500 per sq.ft in 2012, marking a 200% rise. However, the value dropped to Rs 1,005 per sq.ft in 2017, a decrease of 33%. The guideline value then rose again to Rs 1,500 per sq.ft in 2023, and most recently to Rs 1,600 per sq.ft in 2024, reflecting a 7% increase.

Overall, from 2007 to 2024, the guideline value has increased by 220%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Oragadam

In Oragadam, there are 596 streets under the Ambattur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Patel Street (Venkateswara Nagar) is below this median.

• Patel Street (V.L.Puram): Rs 2,400 per sq.ft (2024)
• Pasumpon Street: Rs 1,600 per sq.ft (2024)
• Pasumpon Salai (Venkateswara Nagar): Rs 1,600 per sq.ft (2024)
• Pasumpon Salai Gandhi Nagar: Rs 1,600 per sq.ft (2024)
• Pattinathar Street: Rs 1,600 per sq.ft (2024)
• Periakannaiah Street: Rs 1,800 per sq.ft (2024)

Stamp duty and registration fee for property in Patel Street (Venkateswara Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value amounts to Rs 16,00,000. The stamp duty at 7% would be Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total cost for these fees Rs 1,44,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Patel Street (Venkateswara Nagar)?

The Sub Registrar Office that covers Patel Street (Venkateswara Nagar) is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Oragadam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at an appropriate value.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees that need to be paid. This ensures transparency and compliance with local regulations during the property transaction process.

Frequently asked questions

What is the current guideline value of Patel Street (Venkateswara Nagar)?

The current guideline value of Patel Street (Venkateswara Nagar) is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 1,600 per sq.ft in 2024, reflecting an overall increase of 220% over the years.

What is the land classification of Patel Street (Venkateswara Nagar)?

The land classification for Patel Street (Venkateswara Nagar) is Residential Class II Type - I.

Where can I find the Sub Registrar Office for Patel Street (Venkateswara Nagar)?

The Sub Registrar Office for Patel Street (Venkateswara Nagar) is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is the stamp duty calculated for property in Patel Street (Venkateswara Nagar)?

The stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,12,000.