Guideline Value for BHARTH NAGAR

Bharth Nagar guideline value

The current guideline value of Bharth Nagar, located in Medavakkam village, under the Chennai South Joint I SRO, is Rs 1,540 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class IV Type - I land classification.

How the guideline value of Bharth Nagar has changed

The guideline value for Bharth Nagar has seen several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 900 per sq.ft. This increased to Rs 1,400 per sq.ft in 2012, marking a 56% rise. However, it then decreased to Rs 938 per sq.ft in 2017, a drop of 33%. The value rose significantly to Rs 1,400 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 shows a further increase to Rs 1,540 per sq.ft, which is a 10% rise from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 71%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Bharth Nagar is below this median.

• Bharath Street (Pushpa Nagar): Rs 3,300 per sq.ft (2024)
• Bhel Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Bhel Nagar 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Bharth Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,540 per sq.ft, the total guideline value amounts to Rs 15,40,000. The stamp duty at 7% would be Rs 1,07,800, and the registration fee at 2% would be Rs 30,800, bringing the total cost for these fees to Rs 1,38,600. 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 Bharth Nagar?

Bharth Nagar is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process for buying or selling property in Medavakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

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 transparency and fairness in property transactions within the area.

Frequently asked questions

What is the current guideline value of Bharth Nagar?

The current guideline value of Bharth Nagar is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2007 to Rs 1,540 per sq.ft in 2024, showing an overall increase of 71% over the years.

What is the land classification of Bharth Nagar?

Bharth Nagar falls under the Residential Class IV Type - I land classification, which is typically designated for residential purposes.

What are the stamp duty and registration fees for property in Bharth Nagar?

For a property valued at Rs 15,40,000, the stamp duty would be Rs 1,07,800 and the registration fee would be Rs 30,800, totaling Rs 1,38,600.

Which Sub Registrar Office covers Bharth Nagar?

Bharth Nagar is under the jurisdiction of the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.