Guideline Value for Patel Street

Patel Street guideline value

The current guideline value of Patel Street in Perungalathur village is Rs 2,640 per sq.ft, effective from 1 July 2024. This street falls under the Padappai SRO and is classified as Residential Class I Type - I.

How the guideline value of Patel Street has changed

The guideline value for Patel Street has undergone several revisions over the years. In 2007, the value was set at Rs 300 per sq.ft. This increased significantly to Rs 2,400 per sq.ft in 2012, marking a rise of 700%. However, the value saw a decrease to Rs 1,608 per sq.ft in 2017, a decline of 33%. The 2023 revision brought the value back up to Rs 2,400 per sq.ft, and the most recent revision in 2024 set it at Rs 2,640 per sq.ft, reflecting a 10% increase.

From 2017 to 2023, the value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 780%. The register has no figures for the years 2002 and 2003 for Patel Street.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 5,500 per sq.ft, with a median value of Rs 2,310 per sq.ft. The guideline value for Patel Street is above this median.

• Parvathy Nagar - V.O.C Street: Rs 2,640 per sq.ft (2024)
• Parvathy Nagar - Varadarajan Street: Rs 2,640 per sq.ft (2024)
• Parvathy Nagar - Vanchinathan Street: Rs 2,640 per sq.ft (2024)
• Parvathy Nagar - Thiru-Vi-Ka Street: Rs 2,640 per sq.ft (2024)
• Parvathy Nagar - Thiruvalluvar Street: Rs 2,640 per sq.ft (2024)
• Parvathy Nagar/Streets- E.V.R Periyar Road: Rs 2,640 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 2,640 per sq.ft, the total guideline value amounts to Rs 26,40,000. The stamp duty at 7% would be Rs 1,84,800, and the registration fee at 2% would be Rs 52,800, bringing the total to Rs 2,37,600. 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 further calculations.

Which Sub Registrar Office covers Patel Street?

The Sub Registrar Office that covers Patel Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Perungalathur. It is the minimum value set by the government for property transactions, ensuring that the sale price is not undervalued for tax purposes.

When buying or selling property, the guideline value will determine the stamp duty and registration fees that need to be paid. This ensures transparency and compliance with legal requirements during the transaction process.

Frequently asked questions

What is the current guideline value of Patel Street?

The current guideline value of Patel Street is Rs 2,640 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 300 per sq.ft in 2007 to Rs 2,640 per sq.ft in 2024, which is an overall increase of 780%.

What are the other streets with the same guideline value in Perungalathur?

Other streets in Perungalathur with the same guideline value of Rs 2,640 per sq.ft include Parvathy Nagar - V.O.C Street, Parvathy Nagar - Varadarajan Street, Parvathy Nagar - Vanchinathan Street, Parvathy Nagar - Thiru-Vi-Ka Street, Parvathy Nagar - Thiruvalluvar Street, and Parvathy Nagar/Streets- E.V.R Periyar Road.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Tamil Nadu is 7% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Patel Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.