Guideline Value for BHAGAVATHI NAGAR

Bhagavathi Nagar guideline value

The current guideline value of Bhagavathi Nagar, located in Medavakkam village, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Bhagavathi Nagar has changed

Over the years, the guideline value of Bhagavathi Nagar has seen significant changes. In 2002, the guideline value was Rs 77 per sq.ft, which increased to Rs 90 per sq.ft in 2003. Following this, the value rose dramatically to Rs 300 per sq.ft in 2007, and then to Rs 2,000 per sq.ft in 2012. However, there was a decrease to Rs 1,340 per sq.ft in 2017. The value then increased to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft as per the 2024 revision.

The changes between the revisions indicate a rise of 10% from 2023 to 2024, a significant increase of 49% from 2017 to 2023, and a decrease of 33% from 2012 to 2017. The increase from 2007 to 2012 was a remarkable 567%, while the rise from 2003 to 2007 was 233%. Overall, from 2002 to 2024, the guideline value has increased by 2757%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the guideline value for Bhagavathi Nagar.

• Bharath Cross Street: Rs 3,320 per sq.ft (2024)
• Bharathi 2nd Street: Rs 1,540 per sq.ft (2024)
• Bharathi 3rd Street: Rs 1,540 per sq.ft (2024)
• Bell Nagar Main Road: Rs 3,300 per sq.ft (2024)
• Bell Nagar 2nd Main Road: Rs 3,300 per sq.ft (2024)
• Bell Nagar 2nd Cross: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Bhagavathi Nagar

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 be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that 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 information.

Which Sub Registrar Office covers Bhagavathi Nagar?

Bhagavathi Nagar is covered 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. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in property transactions in Medavakkam. It is used as a benchmark for calculating the stamp duty and registration fees when a property is sold or purchased. The fees are based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly impacts the financial obligations involved in the transaction. Understanding these values can help buyers and sellers make informed decisions during the registration process.

Frequently asked questions

What is the current guideline value of Bhagavathi Nagar?

The current guideline value of Bhagavathi Nagar 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 significantly from Rs 77 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2757% over this period.

What are the stamp duty and registration fees for properties in Bhagavathi Nagar?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Bhagavathi Nagar?

The Chennai South Joint I Sub Registrar Office handles registrations for Bhagavathi Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. Fees are calculated based on the higher of the guideline value or the sale price.