Guideline Value for BAKTHVATCHALAM COLONY 1ST STREET

Bakthvatchalam Colony 1st Street guideline value

The current guideline value of Bakthvatchalam Colony 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO and falls under the Residential Class III Type - II land classification.

How the guideline value of Bakthvatchalam Colony 1st Street has changed

The guideline value for Bakthvatchalam Colony 1st Street has seen several revisions over the years. Starting with the 2003 revision, the value was Rs 477 per sq.ft, which increased to Rs 500 per sq.ft in 2007. The value saw a significant jump to Rs 2,500 per sq.ft in 2012, but then dropped by 33% to Rs 1,675 per sq.ft in 2017. The 2023 revision set the value at Rs 2,500 per sq.ft, and the latest revision in 2024 raised it to Rs 2,700 per sq.ft, marking an 8% increase from the previous year.

Between the revisions, the changes were as follows: from 2003 to 2007, the increase was 5%, followed by a substantial 400% rise from 2007 to 2012. The value then decreased by 33% from 2012 to 2017, but recovered significantly with a 49% increase from 2017 to 2023. Overall, from 2003 to 2024, the guideline value has increased by 466%. The register has no figure for this street for the year 2002.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a guideline value for 2024, ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median guideline value is Rs 2,700 per sq.ft, which is equal to the 2024 figure for Bakthvatchalam Colony 1st Street.

• Bakthvatchalam Colony 19th Street: Rs 2,700 per sq.ft (2024)
• Bakthvatchalam Colony 20th Street: Rs 2,700 per sq.ft (2024)
• Bakthvatchalam Colony 18th Street: Rs 2,700 per sq.ft (2024)
• Bakthvatchalam Colony 21st Street: Rs 2,700 per sq.ft (2024)
• Bakthvatchalam Colony 17th Street: Rs 2,700 per sq.ft (2024)
• Bakthvatchalam Colony 22nd Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Bakthvatchalam Colony 1st 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, totaling Rs 2,43,000. 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 detailed calculations.

Which Sub Registrar Office covers Bakthvatchalam Colony 1st Street?

The Sub Registrar Office that covers Bakthvatchalam Colony 1st 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 is a crucial factor in the registration process of property transactions in Perambur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the value of the property in relation to the market. It is essential to consider this value when negotiating the sale price, as the registration fees will be based on the higher of the guideline value or the agreed sale price.

Frequently asked questions

What is the current guideline value of Bakthvatchalam Colony 1st Street?

The current guideline value of Bakthvatchalam Colony 1st 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 from Rs 477 per sq.ft in 2003 to Rs 2,700 per sq.ft in 2024, showing an overall increase of 466% over the years.

What are the stamp duty and registration fees for property in Bakthvatchalam Colony 1st Street?

For a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 and the registration fee would be Rs 54,000, totaling Rs 2,43,000.

Which Sub Registrar Office covers Bakthvatchalam Colony 1st Street?

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

What is the land classification of Bakthvatchalam Colony 1st Street?

Bakthvatchalam Colony 1st Street is classified as Residential Class III Type - II.