Guideline Value for BAKTHVATCHALAM COLONY 14TH STREET

Bakthvatchalam Colony 14th Street guideline value

The current guideline value of Bakthvatchalam Colony 14th Street is Rs 2,700 per sq.ft. This street is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class III Type - II.

How the guideline value of Bakthvatchalam Colony 14th Street has changed

The guideline value for Bakthvatchalam Colony 14th Street has evolved significantly over the years. In the 2003 revision, the value was Rs 477 per sq.ft, which increased to Rs 500 per sq.ft in 2007. The 2012 revision saw a substantial rise to Rs 2,500 per sq.ft, followed by a decrease to Rs 1,675 per sq.ft in 2017. The value then increased to Rs 2,500 per sq.ft in 2023 and has now reached Rs 2,700 per sq.ft in the 2024 revision, effective from 1 July 2024.

The changes between these revisions highlight the fluctuations in guideline values. From 2003 to 2007, there was a 5% increase, followed by a remarkable 400% rise from 2007 to 2012. However, the value dropped by 33% from 2012 to 2017. The increase from 2017 to 2023 was 49%, and the latest revision from 2023 to 2024 reflects an 8% increase. Overall, the guideline value has risen by 466% from 2003 to 2024.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO, with 2024 guideline values ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value is Rs 2,700 per sq.ft, which is equal to the guideline value of Bakthvatchalam Colony 14th Street.

• Bakthvatchalam Colony 11th Street: Rs 2,700 per sq.ft (2024)
• Bakthvatchalam Colony 12th Street: Rs 2,700 per sq.ft (2024)
• Bakthvatchalam Colony 13th Street: Rs 2,700 per sq.ft (2024)
• Bakthvatchalam Colony 15th Street: Rs 2,700 per sq.ft (2024)
• Bakthvatchalam Colony 16th Street: Rs 2,700 per sq.ft (2024)
• Bakthvatchalam Colony 17th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Bakthvatchalam Colony 14th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total cost for these fees to Rs 2,43,000. 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 more precise calculations.

Which Sub Registrar Office covers Bakthvatchalam Colony 14th Street?

The Sub Registrar Office that covers Bakthvatchalam Colony 14th Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. For more information, you can find your SRO.

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

The guideline value plays a crucial role when buying or selling property in Perambur. It is the benchmark used by the registration authorities to determine the stamp duty and registration fees applicable to a property transaction. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements during the registration process.

When a property is sold, the sale price or the guideline value, whichever is higher, will be used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Bakthvatchalam Colony 14th Street?

The current guideline value of Bakthvatchalam Colony 14th Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 477 per sq.ft in 2003 and reaching Rs 2,700 per sq.ft in 2024. There have been fluctuations, including a notable increase of 400% from 2007 to 2012.

What is the classification of land in Bakthvatchalam Colony 14th Street?

The land classification for Bakthvatchalam Colony 14th Street is Residential Class III Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% on the guideline value or sale price, whichever is higher, while the registration fee is 2%. For a property valued at Rs 27,00,000, the total fees would amount to Rs 2,43,000.

Where can I find the Sub Registrar Office for Bakthvatchalam Colony 14th Street?

The Purasaivakkam Sub Registrar Office, which covers Bakthvatchalam Colony 14th Street, is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.