Guideline Value for BHARATHI 2ND STREET

Bharathi 2nd Street guideline value

The current guideline value of Bharathi 2nd Street is Rs 1,540 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Bharathi 2nd Street has changed

The guideline value for Bharathi 2nd Street has undergone several revisions over the years. In 2003, the guideline value was Rs 100 per sq.ft, which increased to Rs 300 per sq.ft in 2007. Following this, the value saw a significant rise to Rs 1,400 per sq.ft in 2012, but then dropped to Rs 938 per sq.ft in 2017. The value increased to Rs 1,400 per sq.ft in 2023 and has now risen to Rs 1,540 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1,440%. The register has no figure for Bharathi 2nd Street in 2002.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Bharathi 2nd Street's 2024 figure below this median.

• Bharathi 3rd Street: Rs 1,540 per sq.ft (2024)
• Bharathi Cross Street: Rs 3,320 per sq.ft (2024)
• Bhagavathi Nagar: Rs 2,200 per sq.ft (2024)
• Bharathi Ist 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)

Stamp duty and registration fee for property in Bharathi 2nd Street

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 15,40,000. The stamp duty at 7% would amount to Rs 1,07,800, while the registration fee at 2% would be Rs 30,800, bringing the total to Rs 1,38,600. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bharathi 2nd Street?

The Sub Registrar Office that covers Bharathi 2nd Street 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 information.

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

The guideline value plays a crucial role during the registration of property transactions in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property registration.

When buying or selling property, the guideline value is used to ensure that the transaction is recorded at a value that reflects the prevailing market conditions. This helps in maintaining transparency and compliance with state regulations.

Frequently asked questions

What is the current guideline value of Bharathi 2nd Street?

The current guideline value of Bharathi 2nd Street is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2003 to Rs 1,540 per sq.ft in 2024, representing an overall increase of 1,440% over the period.

What is the land classification for Bharathi 2nd Street?

Bharathi 2nd Street is classified as Residential Class IV Type - I, indicating its designation for residential purposes.

Where can I find the Sub Registrar Office for Bharathi 2nd Street?

The Sub Registrar Office for Bharathi 2nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in Bharathi 2nd Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 1,38,600.