Guideline Value for BHARATHI NAGAR

Bharathi Nagar guideline value

The current guideline value for Bharathi Nagar, located in Okkiyamthuraipakkam village under the Neelankarai SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Bharathi Nagar has changed

The guideline value for Bharathi Nagar has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision, marking a decrease of 33%. However, the value significantly increased to Rs 1,500 per sq.ft in the 2023 revision, and it further rose to Rs 1,700 per sq.ft in the 2024 revision, reflecting a 13% increase from the previous year.

From 2017 to 2023, the value increased by 49%, leading to the current overall increase of 13% from 2012 to 2024. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Bharathi Nagar's current value below this median.

• BHARATHI NAGAR 1st STREET: Rs 2,200 per sq.ft (2024)
• BHARATHI NAGAR 2nd STREET: Rs 2,200 per sq.ft (2024)
• BHARATHI NAGAR 3rd STREET: Rs 2,200 per sq.ft (2024)
• BHARATHI NAGAR 4th STREET: Rs 2,200 per sq.ft (2024)
• BHARATHI NAGAR 5th STREET: Rs 2,200 per sq.ft (2024)
• BHARATHI NAGAR 6th STREET: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bharathi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total fees to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Bharathi Nagar?

The Bharathi Nagar area is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Okkiyamthuraipakkam. It serves as a benchmark for determining the minimum value at which property can be registered, ensuring that the transaction reflects a fair value as per government standards.

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 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 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,700 per sq.ft in 2024.

What is the median guideline value in Okkiyamthuraipakkam?

The median guideline value for streets in Okkiyamthuraipakkam is Rs 3,300 per sq.ft, which is higher than the current value of Bharathi Nagar.

What are the stamp duty and registration fees for Bharathi Nagar?

For a property valued at Rs 17,00,000, the stamp duty would be Rs 1,19,000 and the registration fee would be Rs 34,000, totaling Rs 1,53,000.

Which office handles property registrations for Bharathi Nagar?

The Neelankarai Sub Registrar Office handles property registrations for Bharathi Nagar, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.