Guideline Value for BHAKTHAVATCHALAM STREET

Bhakthavatchalam Street guideline value

The current guideline value of Bhakthavatchalam Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village under the Purasaivakkam SRO, classified as Residential Class III Type - II.

How the guideline value of Bhakthavatchalam Street has changed

Over the years, the guideline value of Bhakthavatchalam Street has seen several revisions. In 2007, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012, marking a 150% rise. However, from 2012 to 2017, the value decreased to Rs 3,015 per sq.ft, reflecting a drop of 33%. The value then increased substantially to Rs 4,500 per sq.ft in 2023, a rise of 49% from the previous revision.

The most recent revision in 2024 set the guideline value at Rs 4,900 per sq.ft, representing a 9% increase from the 2023 figure. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO with a guideline value range from Rs 2,200 to Rs 18,100 per sq.ft as of 2024. The median value for these streets is Rs 5,500 per sq.ft, indicating that the guideline value of Bhakthavatchalam Street is below this median.

• Bhakthavatchalam Lane: Rs 4,900 per sq.ft (2024)
• Bharatha Matha 1st Street: Rs 2,200 per sq.ft (2024)
• Bharatha Matha 2nd Street: Rs 2,200 per sq.ft (2024)
• B & C Staff Quarters (Jai Nagar): Rs 4,900 per sq.ft (2024)
• Barracks Gate Road: Rs 5,500 per sq.ft (2024)
• Barracks Gate Lane: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Bhakthavatchalam Street

For a 1,000 sq.ft plot at the current rate of Rs 4,900 per sq.ft, the guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total to Rs 4,41,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bhakthavatchalam Street?

The Sub Registrar Office that covers Bhakthavatchalam Street is 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 Purasaivakkam

The guideline value is a crucial factor during property registration in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency and standardization in property transactions.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. These costs are based on the higher of the guideline value or the actual sale price, which helps in maintaining fair practices in real estate transactions.

Frequently asked questions

What is the current guideline value of Bhakthavatchalam Street?

The current guideline value of Bhakthavatchalam Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 1,800 per sq.ft to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 172% over the years.

What is the land classification of Bhakthavatchalam Street?

Bhakthavatchalam Street is classified as Residential Class III Type - II, indicating its suitability for residential purposes.

Where is the Sub Registrar Office for Bhakthavatchalam Street located?

The Sub Registrar Office covering Bhakthavatchalam Street is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is the stamp duty calculated for property in Bhakthavatchalam Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 49,00,000 would incur a stamp duty of Rs 3,43,000 at 7%.