Guideline Value for BHARATH NAGAR

Bharath Nagar guideline value

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

How the guideline value of Bharath Nagar has changed

The guideline value of Bharath Nagar has undergone several revisions over the years. The earliest recorded revision was in 2007, with a guideline value of Rs 250 per sq.ft. This increased significantly to Rs 2,300 per sq.ft in 2012, marking an increase of 820%. However, from 2012 to 2017, the value decreased to Rs 1,541 per sq.ft, a decline of 33%. The most recent revision in 2024 set the value at Rs 2,500 per sq.ft, reflecting a substantial increase of 62% from the 2017 figure.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2023 for this street. Overall, from 2007 to 2024, the guideline value has increased by 900%.

Guideline values in Korattur

Korattur village has a total of 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value among these streets is Rs 2,500 per sq.ft, which is the same as the current guideline value for Bharath Nagar.

• Bharath Nagar Extension: 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

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 at 7% would be Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total fees to Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bharath Nagar?

The Sub Registrar Office that covers Bharath Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during transactions.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that all transactions are conducted transparently and fairly, reflecting the established values set by the Registration Department.

Frequently asked questions

What is the current guideline value of Bharath Nagar?

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

How has the guideline value changed over the years?

Over the years, the guideline value has changed significantly, from Rs 250 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, which is an overall increase of 900%.

What are the stamp duty and registration fees for property in Bharath Nagar?

For a 1,000 sq.ft plot valued at Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty would be Rs 1,75,000 and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Which Sub Registrar Office covers Bharath Nagar?

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

What is the land classification of Bharath Nagar?

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