Guideline Value for BHARATHI NAGAR 2nd Street

BHARATHI NAGAR 2nd Street guideline value

The current guideline value of BHARATHI NAGAR 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Nesapakkam village under the Virugambakkam SRO, classified as Residential Class II Type - I.

How the guideline value of BHARATHI NAGAR 2nd Street has changed

The guideline value for BHARATHI NAGAR 2nd Street has seen several revisions over the years. In 2002, it was set at Rs 150 per sq.ft, which increased to Rs 165 per sq.ft in 2003, marking a 10% rise. The value then saw a significant increase to Rs 500 per sq.ft in 2007, a jump of 203%. In 2012, it returned to Rs 3,000 per sq.ft, reflecting a decrease of 33% from the previous revision. The next revision in 2017 raised the value to Rs 2,010 per sq.ft, an increase of 49%.

In 2023, the guideline value rose to Rs 3,000 per sq.ft, and the most recent revision in 2024 set it at Rs 3,300 per sq.ft, which is a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 2,100%.

Guideline values in Nesapakkam

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

• BHARATHI NAGAR 3rd Street: Rs 3,300 per sq.ft (2024)
• BHARATHI NAGAR 1st Street: Rs 3,300 per sq.ft (2024)
• BHARATHI NAGAR - Ambedhkar Street: Rs 3,850 per sq.ft (2024)
• BHARATHI NAGAR - Amman Street: Rs 3,850 per sq.ft (2024)
• BHARATHI NAGAR - Anna Street: Rs 3,850 per sq.ft (2024)
• BHARATHI NAGAR - Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in BHARATHI NAGAR 2nd 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 at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to 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. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers BHARATHI NAGAR 2nd Street?

The Sub Registrar Office covering BHARATHI NAGAR 2nd 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 is a crucial factor when registering property transactions in Nesapakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When you buy or sell property, the guideline value helps determine the minimum value at which the property can be registered. This value is essential for both buyers and sellers, as it influences the overall costs associated with the transaction.

Frequently asked questions

What is the current guideline value of BHARATHI NAGAR 2nd Street?

The current guideline value of BHARATHI NAGAR 2nd 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 significantly from Rs 150 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 2,100% over the years.

What is the role of the Virugambakkam SRO?

The Virugambakkam SRO is responsible for property registration in the area, including BHARATHI NAGAR 2nd Street. It ensures that all property transactions comply with legal requirements.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is 2% of the guideline value. This ensures that the government receives the appropriate revenue from property transactions.

Where can I find more information about guideline values in Nesapakkam?

For more information about guideline values in Nesapakkam, you can refer to the Registration Department's guideline value register or visit the relevant links provided for other streets in the area.