Guideline Value for BHARATHI NAGAR

Bharathi Nagar guideline value

The current guideline value of Bharathi Nagar, located in Maelekandai village under the Madurandakam SRO, is Rs 250 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Bharathi Nagar has changed

Over the years, the guideline value of Bharathi Nagar has seen several revisions. The 2012 revision set the value at Rs 250 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 167 per sq.ft, marking a reduction of 33%. However, from 2017 to 2023, the value increased by 50%, returning to Rs 250 per sq.ft. The 2024 revision also maintains this figure, reflecting no change from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Therefore, the guideline value has remained consistent at Rs 250 per sq.ft from 2012 to 2024, despite fluctuations in earlier revisions.

Guideline values in Maelekandai

Currently, there are no specific guideline values provided for other streets in Maelekandai under the Madurandakam SRO. The only available guideline value is for Bharathi Nagar.

Stamp duty and registration fee for property in Bharathi Nagar

For a 1,000 sq.ft plot at the current rate of Rs 250 per sq.ft, the guideline value amounts to Rs 2,50,000. The stamp duty, charged at 7%, would be Rs 17,500, and the registration fee at 2% would be Rs 5,000. Therefore, the total cost for these fees would be Rs 22,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Bharathi Nagar?

The Sub Registrar Office covering Bharathi Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Maelekandai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are recorded accurately in the official records.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Bharathi Nagar?

The current guideline value of Bharathi Nagar is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 250 per sq.ft since 2012, with a decrease to Rs 167 per sq.ft in 2017 and an increase back to Rs 250 per sq.ft in 2023 and 2024.

What is the land classification for Bharathi Nagar?

Bharathi Nagar is classified as Residential Special Type - I, indicating its suitability for residential development.

What are the fees associated with property registration in Bharathi Nagar?

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, on a 1,000 sq.ft plot, the total fees would amount to Rs 22,500.

Where is the Sub Registrar Office for Bharathi Nagar located?

The Madurandakam Sub Registrar Office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.