Guideline Value for BHASKAR COLONY 2nd Street

BHASKAR COLONY 2nd Street guideline value

The current guideline value of BHASKAR COLONY 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of BHASKAR COLONY 2nd Street has changed

The guideline value for BHASKAR COLONY 2nd Street has seen significant changes over the years. In the 2007 revision, the guideline value was Rs 1,500 per sq.ft. This increased to Rs 5,000 per sq.ft in 2012, marking a substantial rise of 233%. However, in the 2017 revision, the value dropped to Rs 3,350 per sq.ft, a decrease of 33%. The value then rose to Rs 5,000 per sq.ft in 2023, before reaching the current value of Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 267%. The revisions for the years 2002 and 2003 do not have any figures recorded for this street.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, placing the 2024 guideline value of BHASKAR COLONY 2nd Street above this median.

• BHASKAR COLONY 1st Street: Rs 5,500 per sq.ft (2024)
• BHASKAR COLONY 3rd Street: Rs 5,500 per sq.ft (2024)
• BHASKAR COLONY - Bharathidasan Street: Rs 5,500 per sq.ft (2024)
• Bhattachariar Street Kaliamman Koil Street: Rs 5,500 per sq.ft (2024)
• Bharathi Street (Venkatesa Nagar): Rs 4,400 per sq.ft (2024)
• Boopathi Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in BHASKAR COLONY 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. 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 detailed calculations.

Which Sub Registrar Office covers BHASKAR COLONY 2nd Street?

The Sub Registrar Office that covers BHASKAR COLONY 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 information.

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

The guideline value is a crucial factor in property transactions within Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. When a buyer and seller agree on a sale price, the registration office will charge stamp duty based on the higher of the guideline value or the agreed sale price.

Understanding the guideline value is essential for both buyers and sellers, as it impacts the total cost of registration. It is advisable to check the current guideline values before engaging in any property transaction to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of BHASKAR COLONY 2nd Street?

The current guideline value of BHASKAR COLONY 2nd Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,500 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, with various revisions in between.

What is the land classification for BHASKAR COLONY 2nd Street?

BHASKAR COLONY 2nd Street is classified as Residential Class II Type - I.

Where can I find the registration office for this area?

The registration office for BHASKAR COLONY 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at a rate of 7%.