Guideline Value for BAJANAI KOVIL STREET

Bajanai Kovil Street guideline value

The current guideline value of Bajanai Kovil Street in Manapakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Bajanai Kovil Street has changed

The guideline value for Bajanai Kovil Street has seen significant changes over the years. In 2002, the register recorded a value of Rs 118 per sq.ft. This value increased to Rs 132 per sq.ft in 2003, marking a 12% rise. The next revision in 2007 saw a substantial increase to Rs 400 per sq.ft, which is a 203% change. By 2012, the value reached Rs 2,000 per sq.ft, reflecting a remarkable 400% increase from the previous revision. However, it then decreased to Rs 1,340 per sq.ft in 2017, a decrease of 33% from 2012.

In 2023, the guideline value was revised to Rs 2,000 per sq.ft, which was a 49% increase from the 2017 figure. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, showing a 10% increase from the previous year. The register has no figure for this street for the years not mentioned above.

Guideline values in Manapakkam

In Manapakkam, there are currently 368 streets under the Chennai South Joint I SRO with 2024 guideline values ranging from Rs 1,100 to Rs 12,800 per sq.ft. The median value for these streets is Rs 2,530 per sq.ft, which means the guideline value for Bajanai Kovil Street is below this median.

• Bajanai Koil 4th Street: Rs 2,200 per sq.ft (2024)
• Bajanai Koil 3rd Street: Rs 2,200 per sq.ft (2024)
• Bajanai Koil 2nd Street: Rs 2,200 per sq.ft (2024)
• Bajanai Koil 1st Street: Rs 2,200 per sq.ft (2024)
• A V Garden: Rs 5,590 per sq.ft (2024)
• Astalakshmi Avenue 1st Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Bajanai Kovil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bajanai Kovil Street?

The Sub Registrar Office that covers Bajanai Kovil Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Manapakkam. It serves as the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must be aware that the guideline value may differ from the actual sale price, and the fees will be based on the higher of the two.

When a property is bought or sold, the guideline value helps to ensure that the transaction is recorded accurately in the official register. This process is essential for maintaining transparency and legality in property dealings within the region.

Frequently asked questions

What is the current guideline value of Bajanai Kovil Street?

The current guideline value of Bajanai Kovil Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 118 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 1,764% over the years.

What is the registration office for Bajanai Kovil Street?

The registration office for Bajanai Kovil Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What are the stamp duty rates applicable in Bajanai Kovil Street?

The stamp duty rate for property transactions in Bajanai Kovil Street is 7%, while the registration fee is 2% of the guideline value or the sale price, whichever is higher.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the minimum value for calculating stamp duty and registration fees. It ensures that transactions are recorded accurately and legally in the official register.