Guideline Value for BHARATHI IST STREET

Bharathi Ist Street guideline value

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

How the guideline value of Bharathi Ist Street has changed

The guideline value for Bharathi Ist Street has undergone several revisions over the years. In 2003, the value was Rs 100 per sq.ft, which increased significantly to Rs 300 per sq.ft in 2007. This was followed by a substantial rise to Rs 1,400 per sq.ft in 2012, a decrease to Rs 938 per sq.ft in 2017, and then an increase to Rs 1,400 per sq.ft in 2023. The latest revision in 2024 set the value at Rs 1,540 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1,440%. Notably, there is no figure available for Bharathi Ist Street in the 2002 revision.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, indicating that Bharathi Ist Street's 2024 figure is below that median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,540 per sq.ft, the total guideline value amounts to Rs 15,40,000. The stamp duty at 7% would be Rs 1,07,800, and the registration fee at 2% would be Rs 30,800, bringing the total to Rs 1,38,600. It is important to note that the 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 Bharathi Ist Street?

The Sub Registrar Office covering Bharathi Ist 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. For more information, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Medavakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for all real estate transactions.

When a property is sold, the buyer must ensure that the sale price is at least equal to the guideline value to avoid any legal issues during registration. This ensures transparency and fairness in property dealings within the region.

Frequently asked questions

What is the current guideline value of Bharathi Ist Street?

The current guideline value of Bharathi Ist 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 significantly from Rs 100 per sq.ft in 2003 to Rs 1,540 per sq.ft in 2024, reflecting an overall increase of 1,440% over this period.

What is the land classification for Bharathi Ist Street?

Bharathi Ist Street is classified as Residential Class IV Type - I, which indicates its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 15,40,000, the stamp duty would be Rs 1,07,800 and the registration fee would be Rs 30,800, totaling Rs 1,38,600.

Which office handles registrations for Bharathi Ist Street?

The Chennai South Joint I Sub Registrar Office is responsible for handling registrations for Bharathi Ist Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.