Guideline Value for Patel Street

Patel Street guideline value

The current guideline value of Patel Street in Hastinapuram village, under the Pallavaram SRO, is Rs 2,970 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Patel Street has changed

The guideline value for Patel Street has seen significant changes over the years. In 2007, the value was Rs 525 per sq.ft, which increased dramatically to Rs 2,700 per sq.ft in 2012, marking a rise of 414%. However, from 2012 to 2017, the value decreased to Rs 1,809 per sq.ft, a drop of 33%. The value then increased to Rs 2,700 per sq.ft in 2023, and the latest revision in 2024 has set the value at Rs 2,970 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 466%. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median guideline value for these streets is Rs 2,970 per sq.ft, which is equal to the current guideline value of Patel Street.

• Patel Cross Street: Rs 2,970 per sq.ft (2024)
• Paul Victor Street: Rs 3,850 per sq.ft (2024)
• Periyar Salai: Rs 3,850 per sq.ft (2024)
• Perundeviamman Street: Rs 1,650 per sq.ft (2024)
• Padmanban Street: Rs 2,970 per sq.ft (2024)
• Padmanabha Nagar Nalvar Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Patel Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, leading to a total of Rs 2,67,300. 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 detailed calculations.

Which Sub Registrar Office covers Patel Street?

The Patel Street is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Hastinapuram. It serves as a reference point for determining the stamp duty and registration fees when buying or selling property. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the applicable taxes, which are based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Patel Street?

The current guideline value of Patel Street is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Patel Street has changed significantly from Rs 525 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, reflecting an overall increase of 466% over the years.

What is the land classification for Patel Street?

Patel Street falls under the Residential Class I Type - I land classification, indicating its suitability for residential purposes.

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

The Pallavaram Sub Registrar Office, which covers Patel Street, is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Patel Street?

Stamp duty for properties in Patel Street is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 2,07,900 at 7%.