Guideline Value for Patel Street

Patel Street guideline value

The current guideline value of Patel Street, located in Valasaravakkam village under the Virugambakkam SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - II land classification.

How the guideline value of Patel Street has changed

The guideline value for Patel Street has undergone several revisions over the years. The earliest recorded figure is from the 2012 revision, which was Rs 4,000 per sq.ft. This was followed by a decrease to Rs 2,680 per sq.ft in the 2017 revision. The most recent revision in 2024 shows a significant increase to Rs 4,400 per sq.ft, marking a 64% rise from the 2017 figure.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. Notably, there are no recorded figures for Patel Street in the revisions of 2023, 2007, 2003, and 2002.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for the village is Rs 3,850 per sq.ft, placing Patel Street's 2024 figure above this median.

• PAZHANIYAPPA NAGAR - Arcot Road: Rs 6,600 per sq.ft (2024)
• PAZHANIYAPPA NAGAR - Brahmaputra Street: Rs 4,950 per sq.ft (2024)
• PAZHANIYAPPA NAGAR - Dr.Radhakrishnan Salai: Rs 4,950 per sq.ft (2024)
• PAZHANIYAPPA NAGAR - Fathima Street: Rs 4,950 per sq.ft (2024)
• PAZHANIYAPPA NAGAR - Ganga Street: Rs 4,950 per sq.ft (2024)
• PAZHANIYAPPA NAGAR - Godavari 1st Street: Rs 4,950 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 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Patel Street?

The Sub Registrar Office covering Patel Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling properties in Valasaravakkam. It serves as the basis for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When a property transaction occurs, the guideline value is referenced to determine the minimum value for which the property can be registered. This ensures transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Patel Street?

The current guideline value of Patel Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, and then to Rs 4,400 per sq.ft in 2024. This represents a 64% increase from 2017 to 2024 and a 10% increase overall from 2012 to 2024.

What is the land classification of Patel Street?

Patel Street is classified under the Residential Class I Type - II land classification.

What are the stamp duty and registration fees for property in Patel Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 44,00,000. The stamp duty at 7% is Rs 3,08,000, and the registration fee at 2% is Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office located for Patel Street?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.