Guideline Value for BELL NAGAR 2ND CROSS

Bell Nagar 2nd Cross guideline value

The current guideline value of Bell Nagar 2nd Cross is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. It is classified as Commercial Class I Type - II.

How the guideline value of Bell Nagar 2nd Cross has changed

The guideline value for Bell Nagar 2nd Cross has seen several revisions over the years. In 2012, the value was set at Rs 3,000 per sq.ft, which then decreased to Rs 2,010 per sq.ft in 2017. Following this, the value increased significantly to Rs 3,000 per sq.ft in 2023, and then to Rs 3,300 per sq.ft in 2024. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased by 49%. The most recent change from 2023 to 2024 reflects a 10% increase, bringing the overall change from 2012 to 2024 to a total increase of 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, positioning Bell Nagar 2nd Cross above this median.

• Bell Nagar 1st Main Road: Rs 3,300 per sq.ft (2024)
• Bell Nagar 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Bell Nagar Main Road: Rs 3,300 per sq.ft (2024)
• Bell Nagar: Rs 3,300 per sq.ft (2024)
• Bell Colony: Rs 2,750 per sq.ft (2024)
• Bhagavathi Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bell Nagar 2nd Cross

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Bell Nagar 2nd Cross?

The Sub Registrar Office that covers Bell Nagar 2nd Cross 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Medavakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the buyer is required to pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and that both parties are protected under the law.

Frequently asked questions

What is the current guideline value of Bell Nagar 2nd Cross?

The current guideline value of Bell Nagar 2nd Cross is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then to Rs 3,000 per sq.ft in 2023, and now to Rs 3,300 per sq.ft in 2024.

What is the median guideline value in Medavakkam?

The median guideline value in Medavakkam is Rs 2,200 per sq.ft, with Bell Nagar 2nd Cross being above this median at Rs 3,300 per sq.ft.

What are the stamp duty and registration fees for properties in Bell Nagar 2nd Cross?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles registration for Bell Nagar 2nd Cross?

The registration for Bell Nagar 2nd Cross is handled by 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.