Guideline Value for BAKTHVATCHALAM COLONY 31ST STREET

Bakthvatchalam Colony 31st Street guideline value

The current guideline value for Bakthvatchalam Colony 31st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. 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 31st Street has changed

The guideline value for Bakthvatchalam Colony 31st Street has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 477 per sq.ft. This increased to Rs 500 per sq.ft in 2007, followed by a significant jump to Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value then rose sharply to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,700 per sq.ft from the 2024 revision.

In terms of percentage changes, from 2003 to 2007, the increase was +5%. The value then surged by +400% from 2007 to 2012. A decline of -33% was observed from 2012 to 2017, followed by a significant increase of +49% from 2017 to 2023. Finally, the value rose by +8% from 2023 to 2024. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value for Bakthvatchalam Colony 31st Street matches this median.

• Bakthvatchalam Colony 30th Street: Rs 2,200 per sq.ft (2024)
• Bakthvatchalam Colony 32nd Street: Rs 2,700 per sq.ft (2024)
• Bakthvatchalam Colony 2nd Street: Rs 2,700 per sq.ft (2024)
• Bakthvatchalam Colony 33rd Street: Rs 2,700 per sq.ft (2024)
• Bakthvatchalam Colony 29th Street: Rs 2,700 per sq.ft (2024)
• Bakthvatchalam Colony 34th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Bakthvatchalam Colony 31st 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, calculated at 7%, would be Rs 1,89,000, while the registration fee at 2% would be Rs 54,000, bringing the total to 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.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bakthvatchalam Colony 31st Street?

The Bakthvatchalam Colony 31st Street falls under the jurisdiction of the Purasaivakkam Sub Registrar Office located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Perambur. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that transactions reflect fair values as per government standards.

When a property is sold, the registration fee and stamp duty are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Bakthvatchalam Colony 31st Street?

The current guideline value for Bakthvatchalam Colony 31st 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, with various increases and decreases in between, including a peak of Rs 2,500 per sq.ft in 2012 and a drop to Rs 1,675 per sq.ft in 2017.

What is the land classification of Bakthvatchalam Colony 31st Street?

Bakthvatchalam Colony 31st Street is classified as Residential Class III Type - II.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office covering Bakthvatchalam Colony 31st Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Bakthvatchalam Colony 31st Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,00,000, the stamp duty would amount to Rs 1,89,000.