Guideline Value for Pattai Street

Pattai Street guideline value

The current guideline value of Pattai Street in Parangimalai village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class III Type - I.

How the guideline value of Pattai Street has changed

The guideline value for Pattai Street has seen several revisions over the years. The earliest recorded revision in the register is from 2002, with a guideline value of Rs 161 per sq.ft. This figure increased to Rs 202 per sq.ft in 2003, marking a 25% rise. The value continued to grow significantly, reaching Rs 800 per sq.ft in 2007, which was a substantial increase of 296%. By 2012, the value was Rs 2,500 per sq.ft, reflecting a 213% increase from the previous revision. However, it then saw a decrease of 33% to Rs 1,675 per sq.ft in 2017.

From 2017 to 2023, the guideline value rose sharply by 49% to reach Rs 2,500 per sq.ft. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, which is a 10% increase from the previous year. The overall change from 2002 to 2024 is a remarkable increase of 1,608%.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,850 per sq.ft, placing Pattai Street's 2024 figure below that median.

• P.C.M. Colony: Rs 3,300 per sq.ft (2024)
• Periya Palaiyathamman Koil Lane: Rs 3,300 per sq.ft (2024)
• Periya Palaiyathamman Koil Street: Rs 3,300 per sq.ft (2024)
• Parracks Road: Rs 2,750 per sq.ft (2024)
• Parade Road: Rs 4,400 per sq.ft (2024)
• Pandu Beeman Lane: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Pattai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Pattai Street?

Pattai Street is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When a property is sold, the guideline value is used to assess the applicable duties. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, ensuring that the correct fees are paid to the registration office.

Frequently asked questions

What is the current guideline value of Pattai Street?

The current guideline value of Pattai Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 161 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 1,608%.

What is the median guideline value for streets in Parangimalai?

The median guideline value for streets in Parangimalai is Rs 3,850 per sq.ft, with Pattai Street's value being below this median.

What are the stamp duty rates for property in Pattai Street?

The stamp duty for property in Pattai Street is charged at 7% of the guideline value or the sale price, whichever is higher.

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

The Sub Registrar Office covering Pattai Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.