Guideline Value for BHAVANI NAGAR EXTENSION

Bhavani Nagar Extension guideline value

The current guideline value of Bhavani Nagar Extension, located in Pothur village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Bhavani Nagar Extension has changed

Over the years, the guideline value for Bhavani Nagar Extension has seen several revisions. The 2012 revision set the value at Rs 500 per sq.ft, which was then reduced to Rs 335 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 500 per sq.ft, marking a 49% rise. The most recent revision in 2024 has further increased the value to Rs 550 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Pothur

In Pothur, there are 98 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 330 to Rs 2,000 per sq.ft. The median guideline value for these streets is Rs 550 per sq.ft, which is equal to the current figure for Bhavani Nagar Extension.

• Bhavani Nagar: Rs 550 per sq.ft (2024)
• Deepam Lake View Garden: Rs 550 per sq.ft (2024)
• Dhanalakshmi Nagar: Rs 550 per sq.ft (2024)
• Athithya Nagar: Rs 550 per sq.ft (2024)
• Aswini Nagar Extension: Rs 440 per sq.ft (2024)
• Aswini Nagar: Rs 440 per sq.ft (2024)

Stamp duty and registration fee for property in Bhavani Nagar Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total fees to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhavani Nagar Extension?

The Sub Registrar Office that covers Bhavani Nagar Extension is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is an essential factor when registering property transactions in Pothur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is crucial for buyers to be aware of the guideline value to avoid overpaying and for sellers to set realistic expectations regarding the property's worth.

Frequently asked questions

What is the current guideline value of Bhavani Nagar Extension?

The current guideline value of Bhavani Nagar Extension is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What are the other streets in Pothur with similar guideline values?

Other streets in Pothur with a guideline value of Rs 550 per sq.ft for 2024 include Bhavani Nagar, Deepam Lake View Garden, Dhanalakshmi Nagar, and Athithya Nagar.

What fees are associated with buying property in Bhavani Nagar Extension?

When buying property in Bhavani Nagar Extension, the total fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Which office handles property registrations in Bhavani Nagar Extension?

The Redhills Sub Registrar Office handles property registrations in Bhavani Nagar Extension, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.