Guideline Value for BHARATH NAGAR EXTENSION

Bharath Nagar Extension guideline value

The current guideline value of Bharath Nagar Extension is Rs 2,500 per sq.ft, effective from 1 July 2024. This area is located in Korattur village under the Villivakkam SRO, classified as Residential Class II Type - III.

How the guideline value of Bharath Nagar Extension has changed

Over the years, the guideline value for Bharath Nagar Extension has undergone several revisions. The earliest recorded figure is from 2012, where the value was Rs 2,300 per sq.ft. This was followed by a decrease to Rs 1,541 per sq.ft in 2017. However, from 2017 to the latest revision in 2024, the guideline value increased significantly by 62% to reach Rs 2,500 per sq.ft. There are no figures available for the years 2002, 2003, 2007, and 2023 for this street.

When comparing the overall changes, the guideline value saw a slight increase of 9% from 2012 to 2024. The fluctuations in the values reflect the adjustments made over time, with the most notable increase occurring between 2017 and 2024.

Guideline values in Korattur

In Korattur village, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value is Rs 2,500 per sq.ft, which is equal to the current guideline value of Bharath Nagar Extension.

• Bharath Nagar: Rs 2,500 per sq.ft (2024)
• Bharathrathna Rajigandhi Nagar (Kallikuppam): Rs 1,600 per sq.ft (2024)
• Bhavani Nagar: Rs 1,600 per sq.ft (2024)
• Bhoopathi Nagar: Rs 2,900 per sq.ft (2024)
• Bharathi Street: Rs 1,300 per sq.ft (2024)
• Bharathi Nagar Gandhi Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Bharath Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value amounts to Rs 25,00,000. The stamp duty, charged at 7%, would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total charges to Rs 2,25,000. Please 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 details.

Which Sub Registrar Office covers Bharath Nagar Extension?

The Bharath Nagar Extension falls under the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial reference point during property transactions in Korattur. It is used to determine the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the government records.

When buying or selling property, the guideline value will influence the stamp duty and registration fees payable. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Bharath Nagar Extension?

The current guideline value of Bharath Nagar Extension is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2012 to Rs 1,541 per sq.ft in 2017, and then increased to Rs 2,500 per sq.ft in 2024. There are no figures available for the years 2002, 2003, 2007, and 2023 for this street.

What is the land classification for Bharath Nagar Extension?

Bharath Nagar Extension is classified as Residential Class II Type - III, indicating its suitability for residential development.

What are the stamp duty rates in Bharath Nagar Extension?

The stamp duty for property transactions in Bharath Nagar Extension is charged at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where can I find the Sub Registrar Office for Bharath Nagar Extension?

The Sub Registrar Office covering Bharath Nagar Extension is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.