Guideline Value for Patel Street

Patel Street guideline value

The current guideline value of Patel Street in Pozhichalur village is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Pammal Sub Registrar Office (SRO) and is classified as Residential Class II Type - I.

How the guideline value of Patel Street has changed

The guideline value for Patel Street has undergone several revisions since 2017. In the 2017 revision, the value was set at Rs 670 per sq.ft. This increased significantly to Rs 1,000 per sq.ft in the 2023 revision, marking a 49% rise. The latest revision in 2024 has further increased the value to Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for Patel Street for the years 2002, 2003, 2007, and 2012. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Pozhichalur

In Pozhichalur, there are 299 streets under the Pammal SRO that carry a guideline value for 2024, ranging from Rs 1,100 to Rs 4,500 per sq.ft. The median value for these streets is Rs 1,320 per sq.ft, indicating that Patel Street's 2024 figure is below this median.

• Peririyamman Koil Street: Rs 1,100 per sq.ft (2024)
• Periyar Street: Rs 1,100 per sq.ft (2024)
• Periyar Street Vinayagar Nagar: Rs 1,650 per sq.ft (2024)
• Perumal Street: Rs 1,100 per sq.ft (2024)
• Palani Street Divyadas Nagar: Rs 1,100 per sq.ft (2024)
• Palani Street: Rs 1,100 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 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Patel Street?

The Sub Registrar Office that covers Patel Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is an essential factor in property transactions in Pozhichalur. It serves as a benchmark for determining the minimum value of a property during registration, ensuring that the property is not undervalued. Buyers and sellers must consider this value to comply with legal and financial requirements during the sale process.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both parties are aware of the financial implications associated with the transaction, based on the established guideline value for the specific area.

Frequently asked questions

What is the current guideline value of Patel Street?

The current guideline value of Patel Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 670 per sq.ft to Rs 1,100 per sq.ft in 2024, marking a total increase of 64% over this period.

What is the registration office for Patel Street?

The registration office covering Patel Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

How is stamp duty calculated for properties on Patel Street?

Stamp duty for properties on Patel Street is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 77,000.

What other streets have the same guideline value in Pozhichalur?

Other streets in Pozhichalur, such as Peririyamman Koil Street, Periyar Street, and Perumal Street, also share the same guideline value of Rs 1,100 per sq.ft for 2024.