Guideline Value for BHAVANI NAGAR

Bhavani Nagar guideline value

The current guideline value of Bhavani Nagar, located in Thiruvancheri village under the Pallavaram SRO, is Rs 1,980 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Bhavani Nagar has changed

Over the years, the guideline value of Bhavani Nagar has undergone several revisions. The 2012 revision set the value at Rs 1,800 per sq.ft, which was then reduced to Rs 1,206 per sq.ft in the 2017 revision, marking a decrease of 33%. However, in the 2023 revision, the value increased to Rs 1,500 per sq.ft, reflecting a rise of 24%. The most recent 2024 revision has further increased the value to Rs 1,980 per sq.ft, which represents a significant increase of 32% 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 seen a modest increase of 10%.

Guideline values in Thiruvancheri

In Thiruvancheri, there are 70 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 5,000 per sq.ft. The median value for these streets is Rs 1,980 per sq.ft, which is the same as the current guideline value for Bhavani Nagar.

• Bharathiyar Street: Rs 1,980 per sq.ft (2024)
• Bharathi Dasan Street: Rs 1,980 per sq.ft (2024)
• Chelliamman Koil Street: Rs 1,980 per sq.ft (2024)
• Bajani Kovil Street: Rs 1,980 per sq.ft (2024)
• Babu Jaga Jeevaram Street: Rs 1,980 per sq.ft (2024)
• Anna Street: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Bhavani Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total cost for these fees to Rs 1,78,200. 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 our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bhavani Nagar?

Bhavani Nagar falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions as it determines the minimum value at which a property can be registered. When buying or selling property in Thiruvancheri, the guideline value ensures that the transaction is recorded accurately for taxation purposes.

During the registration process, 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 Bhavani Nagar?

The current guideline value of Bhavani Nagar is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,980 per sq.ft in 2024, with various revisions in between, including a decrease in 2017 and significant increases in 2023 and 2024.

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

For a property valued at Rs 19,80,000, the stamp duty would be Rs 1,38,600 and the registration fee would be Rs 39,600, totaling Rs 1,78,200.

Which office handles property registrations for Bhavani Nagar?

The Pallavaram Sub Registrar Office handles property registrations for Bhavani Nagar, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value of a property, which affects the stamp duty and registration fees payable during a transaction. It ensures that property sales are recorded accurately for taxation purposes.