Guideline Value for BHARATHI NAGAR - MGR Street

BHARATHI NAGAR - MGR Street guideline value

The current guideline value for BHARATHI NAGAR - MGR Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Nesapakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of BHARATHI NAGAR - MGR Street has changed

The guideline value for BHARATHI NAGAR - MGR Street has undergone several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 150 per sq.ft. This increased to Rs 165 per sq.ft in 2003, followed by a significant rise to Rs 500 per sq.ft in 2007. The value then surged to Rs 3,000 per sq.ft in 2012, but saw a decrease to Rs 2,010 per sq.ft in 2017. The value rose again to Rs 3,000 per sq.ft in 2023, and finally reached Rs 3,300 per sq.ft in the 2024 revision.

In terms of percentage changes, there was a 10% increase from 2023 to 2024. From 2017 to 2023, the increase was 49%. The value decreased by 33% from 2012 to 2017, while it rose dramatically by 500% from 2007 to 2012. The increase from 2003 to 2007 was 203%, and from 2002 to 2003, it was 10%. Overall, from 2002 to 2024, the guideline value has increased by 2100%.

Guideline values in Nesapakkam

Nesapakkam village has a total of 148 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 7,150 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is equal to the 2024 figure for BHARATHI NAGAR - MGR Street.

• BHARATHI NAGAR - Murugan Kovil Street: Rs 3,300 per sq.ft (2024)
• BHARATHI NAGAR - Murugan Street: Rs 3,300 per sq.ft (2024)
• BHARATHI NAGAR - N.S.C. Bose Street: Rs 3,300 per sq.ft (2024)
• BHARATHI NAGAR - Periyar Street: Rs 3,300 per sq.ft (2024)
• BHARATHI NAGAR Main Road: Rs 3,850 per sq.ft (2024)
• BHARATHI NAGAR - Quaide millath Annexe: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in BHARATHI NAGAR - MGR Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty, calculated at 7%, would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration fee would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers BHARATHI NAGAR - MGR Street?

The Sub Registrar Office that covers BHARATHI NAGAR - MGR Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Nesapakkam. When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value to understand the financial implications of their property transactions. Accurate knowledge of the guideline value helps in calculating the total costs involved in the buying or selling process.

Frequently asked questions

What is the current guideline value for BHARATHI NAGAR - MGR Street?

The current guideline value for BHARATHI NAGAR - MGR Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 150 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 2100% over the years.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office should I visit for transactions in this street?

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, covers transactions for BHARATHI NAGAR - MGR Street.

What is the land classification for BHARATHI NAGAR - MGR Street?

The land classification for BHARATHI NAGAR - MGR Street is Residential Class II Type - I, indicating its suitability for residential purposes.