Guideline Value for BHARATHIYAR 1ST STREET

Bharathiyar 1st Street guideline value

The current guideline value of Bharathiyar 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village under the Neelankarai SRO, classified as Residential Class III Type - I.

How the guideline value of Bharathiyar 1st Street has changed

The guideline value of Bharathiyar 1st Street has seen several revisions over the years. In 2002, the value was Rs 305 per sq.ft, which increased to Rs 409 per sq.ft in 2003. The following revisions were significant, with a jump to Rs 1,000 per sq.ft in 2007, and then a notable rise to Rs 2,500 per sq.ft in 2012. However, there was a decrease to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023, and as of the latest revision in 2024, it stands at Rs 2,800 per sq.ft.

The changes between revisions reflect a varied landscape. From 2017 to 2023, there was a substantial increase of 49%. The 2023 to 2024 revision saw a 12% rise. Notably, the 2007 to 2012 period experienced a 150% increase, while the 2012 to 2017 period saw a decrease of 33%. Overall, from 2002 to 2024, the guideline value has increased by 818%.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO with a guideline value for 2024 ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value is Rs 3,300 per sq.ft, which means Bharathiyar 1st Street's 2024 guideline value is below this median.

• Bharathiyar 2nd Street: Rs 2,800 per sq.ft (2024)
• Bharathiyar 3rd Street: Rs 2,800 per sq.ft (2024)
• Bharathiyar 4th Street: Rs 2,800 per sq.ft (2024)
• Bharathi Nagar Road (Street): Rs 2,800 per sq.ft (2024)
• Bharathiyar Street: Rs 2,800 per sq.ft (2024)
• Bharathi Nagar 2nd Main Road: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Bharathiyar 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,800 per sq.ft, the guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bharathiyar 1st Street?

The Bharathiyar 1st Street 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 information.

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

The guideline value plays a crucial role during the registration of property transactions in Palavakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This is essential for both buyers and sellers to understand, as it directly impacts the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Bharathiyar 1st Street?

The current guideline value of Bharathiyar 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 305 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 818% over this period.

What is the median guideline value in Palavakkam?

The median guideline value in Palavakkam is Rs 3,300 per sq.ft, which is higher than the current value of Bharathiyar 1st Street.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is typically charged at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.