Guideline Value for Patel Street (Ward No.22)

Patel Street (Ward No.22) guideline value

The current guideline value of Patel Street (Ward No.22) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Patel Street (Ward No.22) 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, which then decreased to Rs 804 per sq.ft in 2017. The value saw a significant increase of 49% to reach Rs 1,200 per sq.ft in 2023. The latest revision in 2024 has raised the guideline value to Rs 1,300 per sq.ft, marking an 8% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 8%. The fluctuations in the values reflect the changes in the real estate landscape of the area, with the most notable increase occurring between 2017 and 2023.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value 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 value below this median.

• Patel Street (Ponniamman Medu): 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 (Ward No.22)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, while the registration fee at 2% would be Rs 26,000, bringing the total 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.

You can use the stamp duty and registration fee calculator for precise calculations based on your property details.

Which Sub Registrar Office covers Patel Street (Ward No.22)?

The Sub Registrar Office that covers Patel Street (Ward No.22) 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 during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue through 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 actual sale price, which ensures compliance with the legal requirements for property transactions.

Frequently asked questions

What is the current guideline value of Patel Street (Ward No.22)?

The current guideline value of Patel Street (Ward No.22) 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 changes: it was Rs 1,200 per sq.ft in 2012, decreased to Rs 804 per sq.ft in 2017, increased to Rs 1,200 per sq.ft in 2023, and finally reached Rs 1,300 per sq.ft in 2024.

What is the land classification for Patel Street (Ward No.22)?

Patel Street (Ward No.22) is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property in Patel Street (Ward No.22)?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Patel Street (Ward No.22)?

The Madhavaram Sub Registrar Office handles property registrations for Patel Street (Ward No.22), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.